Exxaro Resources Limited – Group and company annual financial statements 2021

CHAPTERS 1 TO 3

CHAPTERS 1 TO 3

CHAPTER 1

The year in brief

CHAPTER 2

Responsibility statement on internal financial controls Certificate by the group company secretary Report of the directors Audit committee report Independent auditor's report

CHAPTER 3

Accounting policy relating to segmental reporting Significant judgements and assumptions made by management in applying the related accounting policy Reportable segments Geographic location of segment assets

TRANSITIONING TO SUSTAINABLE GROWTH AND IMPACT

In this strategy-focused chapter, we outline how our business leadership has transitioned as well as our strategy. As we commence the implementation of the strategy, we outline the drivers for our strategic direction, how we will measure our success into the future as well as reflecting on our past strategic performance.

We're building on an existing successful platform leveraging our skills and differentiation with a long-term vision to develop a sustainable, growth-orientated, value-driven company, a leading international renewable solutions provider by the end of the decade.
CHAPTERS 4 TO 5

CHAPTERS 4 TO 5

CHAPTER 4

Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Company statement of comprehensive income Company statement of financial position Company statement of changes in equity Company statement of cash flows

CHAPTER 5

Accounting policy relating to earnings Attributable earnings per share Reconciliation of headline earnings Headline earnings per share Dividend distributions Notes to the statements of cash flows relating to earnings

TRANSITIONING TO SUSTAINABLE GROWTH AND IMPACT

In this strategy-focused chapter, we outline how our business leadership has transitioned as well as our strategy. As we commence the implementation of the strategy, we outline the drivers for our strategic direction, how we will measure our success into the future as well as reflecting on our past strategic performance.
CHAPTERS 6 TO 7

CHAPTERS 6 TO 7

CHAPTER 6

Operational performance Working capital Notes to the statements of cash flows relating to operational performance and working capital

TRANSITIONING TO SUSTAINABLE GROWTH AND IMPACT

In this strategy-focused chapter, we outline how our business leadership has transitioned as well as our strategy. As we commence the implementation of the strategy, we outline the drivers for our strategic direction, how we will measure our success into the future as well as reflecting on our past strategic performance.

We're building on an existing successful platform leveraging our skills and differentiation with a long-term vision to develop a sustainable, growth-orientated, value-driven company, a leading international renewable solutions provider by the end of the decade.

CHAPTER 7

Accounting policies relating to taxation Significant judgements and assumptions made by management in applying the related accounting policies Income tax (expense)/benefit Reconciliation of tax rates Deferred tax Notes to the statements of cash flows relating to taxation Tax effect of other comprehensive income
CHAPTERS 8 TO 9

CHAPTERS 8 TO 9

CHAPTER 8

Accounting policies relating to business environment and portfolio changes Significant judgements and assumptions made by management in applying the related accounting policies Divestment of non-core assets Impairment charges of non-current assets Non-current assets and liabilities held-for-sale

TRANSITIONING TO SUSTAINABLE GROWTH AND IMPACT

In this strategy-focused chapter, we outline how our business leadership has transitioned as well as our strategy. As we commence the implementation of the strategy, we outline the drivers for our strategic direction, how we will measure our success into the future as well as reflecting on our past strategic performance.

CHAPTER 9

Accounting policies relating to investments in associates and joint arrangements Significant judgements and assumptions made by management in applying the related accounting policies Income from investments in associates and joint ventures Investments in associates and joint arrangements Movement analysis of investments in associates and joint ventures Summarised financial information of associates and joint ventures Reconciliation of carrying amounts of investments in associates and joint ventures
CHAPTERS 10 TO 13

CHAPTERS 10 TO 13

CHAPTER 10

Property, plant and equipment Intangible assets Financial assets Other assets

CHAPTER 11

Accounting policies relating to leases Judgements and assumptions made by management in applying the related accounting policies Right-of-use assets Lease liabilities

CHAPTER 12

Debt Equity

CHAPTER 13

Accounting policies relating to provisions and contingencies Significant judgements and assumptions made by management in applying the related accounting policies Provisions Contingent liabilities and contingent assets
CHAPTERS 14 TO 16

CHAPTERS 14 TO 16

CHAPTER 14

Accounting policies relating to employee benefits Significant judgements and assumptions made by management in applying the related accounting policies Employee benefits Retirement employee obligations Directors' and prescribed officers' remuneration

We're building on an existing successful platform leveraging our skills and differentiation with a long-term vision to develop a sustainable, growth-orientated, value-driven company, a leading international renewable solutions provider by the end of the decade.

CHAPTER 15

Related-party transactions

CHAPTER 16

Accounting policies relating to financial instruments Judgements and assumptions made by management in applying the related accounting policies Financial instruments
CHAPTERS 16 TO 17

CHAPTERS 16 TO 17

CHAPTER 16

Accounting policies relating to financial instruments Judgements and assumptions made by management in applying the related accounting policies Financial instruments

TRANSITIONING TO SUSTAINABLE GROWTH AND IMPACT

In this strategy-focused chapter, we outline how our business leadership has transitioned as well as our strategy. As we commence the implementation of the strategy, we outline the drivers for our strategic direction, how we will measure our success into the future as well as reflecting on our past strategic performance.

We're building on an existing successful platform leveraging our skills and differentiation with a long-term vision to develop a sustainable, growth-orientated, value-driven company, a leading international renewable solutions provider by the end of the decade.

CHAPTER 17

Accounting policies relating to subsidiaries Significant judgements and assumptions made by management in applying the related accounting policies Transactions with subsidiaries Summary of investments in subsidiaries Summary of indebtedness by/(to) subsidiaries Detailed analysis of investments in subsidiaries and indebtedness by/(to) subsidiaries Non-controlling interests
CHAPTERS 18 TO 20

CHAPTERS 18 TO 20

CHAPTER 18

Basis of preparation Adoption of new, amended and revised standards and interpretations Events after the reporting period

CHAPTER 19

Re-presentation of group comparative information Restatement of company comparative information

CHAPTER 20

Annexure 1: Shareholder analysis Annexure 2: Definitions Annexure 3: Administration Annexure 4: Shareholders' diary

TRANSITIONING TO SUSTAINABLE GROWTH AND IMPACT

In this strategy-focused chapter, we outline how our business leadership has transitioned as well as our strategy. As we commence the implementation of the strategy, we outline the drivers for our strategic direction, how we will measure our success into the future as well as reflecting on our past strategic performance.
ACRONYMS
DOWNLOADS

CHAPTER 11:
Leases

11.3RIGHT-OF-USE ASSETS

				Group
At 31 December 2021	Note	Land and buildings Rm	Residential land and buildings Rm	Buildings and infrastructure Rm	Machinery, plant and equipment Rm	Total Rm
Gross carrying amount
At beginning of the year		51	2	508	2	563
Additions				1		1
Remeasurement adjustments¹		3		8	1	12
Lease expiry and terminations				(6)		(6)
At end of the year		54	2	511	3	570
Accumulated depreciation
At beginning of the year		(1)	(1)	(106)	(2)	(110)
Charges for the year	6.1.3	(2)	(1)	(62)		(65)
Lease expiry and terminations				6		6
At end of the year		(3)	(2)	(162)	(2)	(169)
Net carrying amount at end of the year		51		349	1	401

¹	Relates to remeasurements arising from changes in CPI, as well as lease terms.

		Group
At 31 December 2020	Note	Land and buildings Rm	Residential land and buildings Rm	Buildings and infrastructure Rm	Machinery, plant and equipment Rm	Total Rm
Gross carrying amount
At beginning of the year		1	5	497	22	525
Additions			1		23	24
Remeasurement adjustments¹		1		9		10
Lease expiry and terminations			(1)		(18)	(19)
Lease modifications		(3)				(3)
Acquisition of subsidiaries		49		2		51
Reclassification to non-current assets held-for-sale	8.5				(25)	(25)
At end of the year		51	2	508	2	563
Accumulated depreciation
At beginning of the year			(1)	(48)	(14)	(63)
Charges for the year	6.1.3	(1)	(1)	(58)	(11)	(71)
Lease expiry and terminations			1		18	19
Reclassification to non-current assets held-for-sale	8.5				5	5
At end of the year		(1)	(1)	(106)	(2)	(110)
Accumulated impairment
Charges for the year	8.4				(19)	(19)
Reclassification to non-current assets held-for-sale	8.5				19	19
At end of the year
Net carrying amount at end of the year		50	1	402		453

¹	Relates to remeasurements arising from changes in CPI, as well as lease terms.

		Company
At 31 December 2021	Note	Buildings and infrastructure Rm	Total Rm
Gross carrying amount
At beginning of the year		490	490
Remeasurement adjustments¹		7	7
Lease expiry and terminations		(6)	(6)
At end of the year		491	491
Accumulated depreciation
At beginning of the year		(99)	(99)
Charges for the year	6.1.3	(56)	(56)
Lease expiry and terminations		6	6
At end of the year		(149)	(149)
Net carrying amount at end of the year		342	342

¹	Relates to remeasurements arising from changes in CPI, as well as lease terms.

	Company
At 31 December 2020	Note	Buildings and infrastructure Rm	Total Rm
Gross carrying amount
At beginning of the year		483	483
Remeasurement adjustments¹		7	7
At end of the year		490	490
Accumulated depreciation
At beginning of the year		(44)	(44)
Charges for the year	6.1.3	(55)	(55)
At end of the year		(99)	(99)
Net carrying amount at end of the year		391	391

¹	Relates to remeasurements arising from changes in CPI, as well as lease terms.

CHAPTER 11: Leases

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CHAPTER 11:
Leases