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 9 / 9.5 Movement analysis of investments in associates and joint ventures

9.5 Movement analysis of investments in associates and joint ventures

      Group  
      Associates     Joint ventures     Total equity-accounted
investments
 
At 31 December Note   2019 
Rm 
  2018 
Rm 
    2019 
Rm 
  2018 
Rm 
    2019 
Rm 
  2018 
Rm 
 
Gross carrying amount                                
At beginning of the year       15 477     15 810        1 569     1 479        17 046     17 289    
Share of equity-accounted investments’ adjustment from the adoption of IFRS 16  11.1.1.2     (11)                      (11)        
Balance at 1 January 2019       15 466     15 810        1 569     1 479        17 035     17 289    
Interests acquired1       72     818                    72     818    
Interests diluted  6.1.3     (42)                        (42)        
Loss of control of subsidiary  8.3     (92)                        (92)        
Reclassification to non-current assets held-for-sale       (872)    (1 787)                   (872)    (1 787)   
Net share of results  8.4     4 521     3 081        145     199        4 666     3 280    
– Share of income (continuing operations) 9.3     4 468     3 009        173     180        4 641     3 189    
– Share of income (discontinued operations) 6.1.4     52     70                    52     70    
– Elimination of intergroup profits                                  
(continuing operations)               (28)    19        (27)    21    
Dividends received       (4 051)    (2 569)       (95)    (58)       (4 146)    (2 627)   
Share of movement in reserves       112     124        (45)          67     133    
Transfer from loans receivable to joint ventures equity-accounted investment                     (60)            (60)   
At end of the year       15 114     15 477        1 574     1 569        16 688     17 046    
Accumulated impairment                                   
At beginning of the year                                   
Impairment charge  6.1.3     (58)                      (58)        
At end of the year  9.4     (58)                      (58)        
Net carrying amount at end of the year       15 056     15 477        1 574     1 569        16 630     17 046    
1 In 2019, relates to an additional equity interest of 4.47% acquired in Curapipe (R14 million) and a 22% equity interest in GAM which was acquired in exchange for the settlement of the Lebonix debt (R58 million). In 2018, relates mainly to the interests acquired in LightApp and Insect Technology.