Exxaro report selector 2019

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Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2019

Currently viewing: CHAPTER 4 / 4.3 Group statement of changes in equity

4.3 Group statement of changes in equity

4.3

GROUP STATEMENT OF CHANGES IN EQUITY

  Other components of equity    
  Share
capital
Rm
Foreign 
currency 
translation 
Rm 
Financial 
instruments 
revaluation 
Rm 
Equity- 
settled 
Rm 
Retirement 
employee 
obligations 
Rm 
Available- 
for-sale 
revaluation 
Rm 
Financial 
asset 
FVOCI 
revaluation 
Rm 
Other 
Rm 
Retained 
earnings 
Rm 
 
At 31 December 2017  1 021  2 520  (41) 5 872  (158) (74)   30 962    
Adjustment on initial application of IFRS 9, net of tax            74  (74)   (11)   
Adjustment on initial application of IFRS 15, net of tax                  314    
Adjusted balance at 1 January 2018  1 021  2 520  (41) 5 872  (158)   (74) 31 265    
Total comprehensive income    171    45    21    7 030    
– Profit for the year                  7 030    
– Other comprehensive income for the year1    171    45    21        
Transactions with owners of the company        (338)         (5 483)   
– Dividends paid2                  (5 483)   
– Share-based payments movement3        (338)             
Changes in ownership interest                  (15)   
– Adjustment to NCI                  (15)   
– Disposal of subsidiary                      
At 31 December 2018  1 021  2 691  (32) 5 534  (113)   (53) 32 797    
Adjustment on initial application of IFRS 16, net of tax4                  (12)   
Adjusted balance at 1 January 2019  1 021  2 691  (32) 5 534  (113)   (53) 32 785    
Total comprehensive (loss)/income    (785) (3) 10  17    57  9 809    
– Profit for the year                  9 809    
– Other comprehensive (loss)/income for the year1    (785) (3) 10  17    57      
Transactions with owners of the company        (4 483)         (3 204)   
– Dividends paid2                  (5 812)   
– Share-based payments movement3        (1 875)             
– Reclassifications within equity5        (2 608)         2 608    
Changes in ownership interest        (178) 57        (8 358)   
–Recognition of NCI6                      (8 479)   
–Loss of control of subsidiary7                          
–Partial disposal of associate classified as non-current asset held-for-sale8           (178) 57        121    
At 31 December 2019  1 021  1 906  (35) 883  (39)   31 032    
1 Refer note 7.7 for details of the other comprehensive income or loss movements.
2 Refer note 5.6 for details of dividends paid.
3 The share-based payments movement includes an amount of R1.391 billion (2018: R247 million) paid to the BEE Parties as a dividend.
4 Refer note 11.1 for details of the adjustment on initial application of IFRS 16.
5 An amount of R2.608 billion was reclassified within equity upon the BEE Parties exercising their option subsequent to the settlement of the preference share liability
6 Recognition of the NCI’s share of Eyesizwe’s net asset value upon the exercise of the option held by the BEE Parties (refer notes 17.2.2 and 17.7).
7 Derecognition of NCI reserve upon the loss of control of Tumelo (refer note 8.3).
8 Tronox Holdings plc repurchased 14 000 000 Tronox Holdings plc ordinary shares from Exxaro which resulted in a net reclassification within equity from the retirement employee obligations reserve and equity-settled reserve to retained earnings
             
  Attributable 
to owners 
of the 
parent 
Rm 
Non-
controlling 
interests 
Rm
    Total 
equity 
Rm 
 
At 31 December 2017  40 103  (738)        39 365    
Adjustment on initial application of IFRS 9, net of tax  (11)         (11)   
Adjustment on initial application of IFRS 15, net of tax  314          314    
Adjusted balance at 1 January 2018  40 406  (738)       39 668    
Total comprehensive income  7 276  32        7 308    
– Profit for the year  7 030  32        7 062    
– Other comprehensive income for the year1  246          246    
Transactions with owners of the company  (5 821)         (5 821)   
– Dividends paid2  (5 483)         (5 483)   
– Share-based payments movement3  (338)         (338)   
Changes in ownership interest  (15)       (10)   
– Adjustment to NCI  (15) 15            
– Disposal of subsidiary    (10)       (10)   
At 31 December 2018  41 846  (701)       41 145    
Adjustment on initial application of IFRS 16, net of tax4  (12)         (12)   
Adjusted balance at 1 January 2019  41 834  (701)       41 133    
Total comprehensive (loss)/income  9 108  251        9 359    
– Profit for the year  9 809  260        10 069    
– Other comprehensive (loss)/income for the year1  (701)  (9)        (710)    
Transactions with owners of the company  (7 687)          (7 687)    
– Dividends paid2  (5 812)          (5 812)    
– Share-based payments movement3  (1 875)          (1 875)    
– Reclassifications within equity5                
Changes in ownership interest  (8 479)  8 561        82    
–Recognition of NCI6  (8 479)  8 479            
–Loss of control of subsidiary7    82        82    
–Partial disposal of associate classified as non-current asset held-for-sale8                
At 31 December 2019  34 776  8 111        42 887    
1 Refer note 7.7 for details of the other comprehensive income or loss movements.
2 Refer note 5.6 for details of dividends paid.
3 The share-based payments movement includes an amount of R1.391 billion (2018: R247 million) paid to the BEE Parties as a dividend.
4 Refer note 11.1 for details of the adjustment on initial application of IFRS 16.
5 An amount of R2.608 billion was reclassified within equity upon the BEE Parties exercising their option subsequent to the settlement of the preference share liability
6 Recognition of the NCI’s share of Eyesizwe’s net asset value upon the exercise of the option held by the BEE Parties (refer notes 17.2.2 and 17.7).
7 Derecognition of NCI reserve upon the loss of control of Tumelo (refer note 8.3).
8 Tronox Holdings plc repurchased 14 000 000 Tronox Holdings plc ordinary shares from Exxaro which resulted in a net reclassification within equity from the retirement employee obligations reserve and equity-settled reserve to retained earnings
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.

RETIREMENT EMPLOYEE OBLIGATIONS

Comprises remeasurements, net of tax, on the retirement employee obligations.

AVAILABLE-FOR-SALE REVALUATION

Comprises the fair value adjustments, net of tax, on the available-for-sale financial assets (pre-IFRS 9).

FINANCIAL ASSET FVOCI REVALUATION

Comprises the fair value adjustments, net of tax, on the financial assets classified at FVOCI (post-IFRS 9).