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Exxaro Resources Limited
Annual Financial Statements 2021
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CHAPTER 17:
Subsidiaries

  • 17.6Detailed analysis of investments in subsidiaries and indebtedness by/(to) subsidiaries
            Investment in subsidiaries  
Portfolio changes in 2021        Investment in shares1  Investment in
share-based payments
 
Type2 Date  Country3 Nature of  
business4
2021 
R
 
2020 
R
 
2021 
R
 
2020
R
 
Direct investments 
Aquicure Proprietary Limited  RSA   W   100  100 
Cennergi Proprietary Limited  RSA   H   2 437 330 415  2 437 330 415 
Cennergi Holdings Proprietary Limited5  RSA   H  
Colonna Properties Proprietary Limited  RSA   B   2 518 966  2 518 966 
Exxaro Australia Holdings Proprietary Limited6  AUS   H   648 703 847  608 115 666 
Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited  RSA   H  
Exxaro Chairman's Fund  RSA   S  
Exxaro Coal Central Proprietary Limited  S   3 Sep  RSA   M  
Exxaro Coal Proprietary Limited  RSA   M   1 868 325 864  1 868 325 864  263  290 
Exxaro Employee Empowerment Participation Scheme Trust7  RSA   S  
Exxaro Employee Empowerment Trust7  RSA   S  
Exxaro Environmental Rehabilitation Fund  RSA   S  
Exxaro ESOP SPV RF Proprietary Limited  RSA   S   100  100 
Exxaro FerroAlloys Proprietary Limited  RSA   A  
Exxaro Foundation  RSA   S  
Exxaro Holdings Proprietary Limited  RSA   H   459 517 297  459 517 297 
Exxaro Insurance Company Limited  RSA   I   312 000 000  312 000 000 
Exxaro Matla Setshabeng Development NPC  RSA   S  
Exxaro Mountain Bike Academy NPC  RSA   E  
Exxaro People Development Initiative NPC  RSA   E  
Exxaro Properties (Groenkloof) Proprietary Limited7  RSA   B  
Eyesizwe (RF) Proprietary Limited (2021: 14.86%; 2020: 14.86%) RSA   S   1 482 907 923  1 482 907 923 
Ferroland Grondtrust Proprietary Limited  RSA   F  
Gravelotte Iron Ore Company Proprietary Limited  RSA   B  
K2018621183 (SA) Proprietary Limited  S   31 Dec  RSA   C   100 
Kumba Resources Management Share Trust  RSA   S  
Rocsi Holdings Proprietary Limited  RSA   H   653 722 945  653 722 945 
Total direct investments in subsidiaries  7 865 027 464  7 824 439 383  271  300 

 

   Total indebtedness receivable/(payable)  
   Total indebtedness by  (Total indebtedness to)
Type of indebtedness  2021 
R
 
2020 
R
 
2021 
R
 
2020 
R
 
Direct investments 
Aquicure Proprietary Limited  Non-interest-bearing  41  35 
Cennergi Proprietary Limited 
Cennergi Holdings Proprietary Limited5  Non-interest-bearing  92  23 
Colonna Properties Proprietary Limited 
Exxaro Australia Holdings Proprietary Limited6 
Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited  Non-interest-bearing  213  215 
Exxaro Chairman's Fund 
Exxaro Coal Central Proprietary Limited  Total  352  (182)
– Treasury facility  (182)
– Current indebtedness  352 
Exxaro Coal Proprietary Limited  Total  5 779  7 350  (9 665) (7 217)
– Interest-bearing  5 576  7 150 
– Treasury facility  (9 665) (7 217)
– Current indebtedness  203  200 
Exxaro Employee Empowerment Participation Scheme Trust7 
Exxaro Employee Empowerment Trust7 
Exxaro Environmental Rehabilitation Fund 
Exxaro ESOP SPV RF Proprietary Limited  Interest-bearing  33  51 
Exxaro FerroAlloys Proprietary Limited  Total  232  186 
– Treasury facility  228  180 
– Current indebtedness 
Exxaro Foundation 
Exxaro Holdings Proprietary Limited  Non-interest-bearing  75 
Exxaro Insurance Company Limited  Current indebtedness 
Exxaro Matla Setshabeng Development NPC  Interest-bearing  90  137 
Exxaro Mountain Bike Academy NPC 
Exxaro People Development Initiative NPC 
Exxaro Properties (Groenkloof) Proprietary Limited7  Non-interest-bearing  (1)
Eyesizwe (RF) Proprietary Limited (2021: 14.86%; 2020: 14.86%)
Ferroland Grondtrust Proprietary Limited  Total  255  233 
– Treasury facility  254  233 
– Current indebtedness 
Gravelotte Iron Ore Company Proprietary Limited  Non-interest-bearing 
K2018621183 (SA) Proprietary Limited  Non-interest-bearing 
Kumba Resources Management Share Trust  Non-interest-bearing  (76) (70)
Rocsi Holdings Proprietary Limited  Non-interest-bearing  (1 612)
Total direct investments in subsidiaries  6 748  8 664  (9 741) (9 082)
1 At 100% holding except where otherwise indicated.
2 D – Deregistered, N – Formation of new entity, S – Sold.
3 Country of incorporation: RSA – Republic of South Africa, AUS – Australia, NE – Netherlands, SW – Switzerland.
4 M – Mining, B – Property, C – Service, E – Not for profit company, F – Farming, H – Holdings, I – Insurance, A – Manufacturing, P – Exploration, S – Structured entity, W – Water, MIC – Mines in closure, R – Renewable Energy.
5 Previously named Clipeus Investment Holdings Proprietary Limited.
6 Loan capitalisation in 2021 (2020: loan capitalisation and cash-share subscriptions).
7 Entity in process of liquidation or deregistration.

 

            Investment in subsidiaries 
Portfolio changes in 2021        Investment in shares1  Investment in
share-based payments
 
Type2 Date  Country3 Nature of  
business4
2021 
R
 
2020 
R
 
2021 
R
 
2020 
R
 
Indirect investments 
Amakhala Emoyeni RF Proprietary Limited (95%) RSA   R  
Coastal Coal Proprietary Limited  RSA   MIC  
Cennergi Services Proprietary Limited  N   22 Jun  RSA   C  
Lephalale Solar Proprietary Limited  N   22 Jun  RSA   R  
K2021699383 (South Africa) Proprietary Limited  N   22 Jun  RSA   R  
Dorstfontein Coal Mines Proprietary Limited (2020: 74%) S   3 Sep  RSA   M  
Exxaro Australia Proprietary Limited  AUS   M & P  
Exxaro Base Metals International BV  D   8 Oct  NE   H  
Exxaro Coal Mpumalanga Proprietary Limited  RSA   M   240  264 
Exxaro International BV  D   7 Oct  NE   H  
Exxaro International Trading AG  SW   C   (1) (1)
Exxaro Reductants Proprietary Limited  RSA   A  
Forzando Coal Mines Proprietary Limited (2020: 74%) S   3 Sep  RSA   M  
Ithemba Farm Proprietary Limited  S   3 Sep  RSA   F  
Mmakau Coal Proprietary Limited (2020: 49%) S   3 Sep  RSA   P  
Newcastle Coal Mines Proprietary Limited  S   3 Sep  RSA   MIC  
The Vryheid (Natal) Railway Coal and Iron Company Proprietary Limited  RSA   MIC  
Exxaro Employee Share Ownership Trust  RSA   S  
Jeka Mphamvu Proprietary Limited  RSA   R  
Tsitsikamma RF Proprietary Limited  RSA   R  
Total indirect investment in subsidiaries  242  266 
Total investment in subsidiaries  7 865 027 464  7 824 439 383  513  566 

 

   Total indebtedness receivable/(payable)  
   Total indebtedness by  (Total indebtedness to)
Type of indebtedness  2021
R
 
2020
R
 
2021
R
 
2020
R
 
Indirect investments 
Amakhala Emoyeni RF Proprietary Limited (95%)
Coastal Coal Proprietary Limited  Treasury facility  88  66 
Cennergi Services Proprietary Limited 
Lephalale Solar Proprietary Limited 
K2021699383 (South Africa) Proprietary Limited 
Dorstfontein Coal Mines Proprietary Limited (2020: 74%)
Exxaro Australia Proprietary Limited 
Exxaro Base Metals International BV 
Exxaro Coal Mpumalanga Proprietary Limited  Total  4 302  4 456 
– Treasury facility  4 189  4 378 
– Current indebtedness  113  79 
Exxaro International BV  Non-interest-bearing  (6 989)
Exxaro International Trading AG 
Exxaro Reductants Proprietary Limited  Treasury facility  (5)
Forzando Coal Mines Proprietary Limited (2020: 74%)
Ithemba Farm Proprietary Limited 
Mmakau Coal Proprietary Limited (2020: 49%)
Newcastle Coal Mines Proprietary Limited 
The Vryheid (Natal) Railway Coal and Iron Company Proprietary Limited  Treasury facility  44  30 
Exxaro Employee Share Ownership Trust  Current indebtedness 
Jeka Mphamvu Proprietary Limited 
Tsitsikamma RF Proprietary Limited 
Total indirect investment in subsidiaries  4 435  4 553  (5) (6 989)
Total investment in subsidiaries  11 183  13 217  (9 746) (16 071)
1 At 100% holding except where otherwise indicated.
2 D – Deregistered, N – Formation of new entity, S – Sold.
3 Country of incorporation: RSA – Republic of South Africa, AUS – Australia, NE – Netherlands, SW – Switzerland.
4 M – Mining, B – Property, C – Service, E – Not for profit company, F – Farming, H – Holdings, I – Insurance, A – Manufacturing, P – Exploration, S – Structured entity, W – Water, MIC – Mines in closure, R – Renewable Energy.
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CHAPTER 1: THE YEAR IN BRIEF
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The year in brief

CHAPTER 2: REPORTS
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2.1 Responsibility statement on internal financial controls
2.2 Certificate by the group company secretary
2.3 Report of the directors
2.4 Audit committee report
2.5 Independent auditor's report

CHAPTER 3: SEGMENTAL REPORTING
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3.1 Accounting policy relating to segmental reporting
3.2 Significant judgements and assumptions made by management in applying the related accounting policy
3.3 Reportable segments
3.4 Geographic location of segment assets

CHAPTER 4: FINANCIAL STATEMENTS
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4.1.1 Group financial statements of comprehensive income
4.1.2 Group financial statements of financial position
4.1.3 Group financial statements of changes in equity
4.1.4 Group financial statements of cash flows
4.2.1 Company financial statement of comprehensive income
4.2.2 Company financial statement of financial position
4.2.3 Company financial statement of changes in equity
4.2.4 Company financial statement of cash flows

CHAPTER 5: EARNINGS
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5.1 Accounting policy relating to earnings
5.2 Attributable earnings per share
5.3 Reconciliation of headline earnings
5.4 Headline earnings per share
5.5 Dividend distributions
5.6 Notes to the statements of cash flows relating to earnings

CHAPTER 6: OPERATIONAL PERFORMANCE AND WORKING CAPITAL
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6.1 Operational performance
6.2 Working capital
6.3 Notes to the statements of cash flows relating to operational performance and working capital

CHAPTER 7: TAXATION
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7.1 Accounting policies relating to taxation
7.2 Significant judgements and assumptions made by management in applying the related accounting policies
7.3 Income tax (expense)/benefit
7.4 Reconciliation of tax rates
7.5 Deferred tax
7.6 Notes to the statements of cash flows relating to taxation
7.7 Tax effect of other comprehensive income

CHAPTER 8: BUSINESS ENVIRONMENT AND PORTFOLIO CHANGES
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8.1 Accounting policies relating to business environment and portfolio changes
8.2 Significant judgements and assumptions made by management in applying the related accounting policies
8.3 Divestment of non-core assets
8.4 Impairment charges of non-current assets
8.5 Non-current assets and liabilities held-for-sale

CHAPTER 9: ASSOCIATES AND JOINT ARRANGEMENTS
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9.1 Accounting policies relating to investments in associates and joint arrangements
9.2 Significant judgements and assumptions made by management in applying the related accounting policies
9.3 Income from investments in associates and joint ventures
9.4 Investments in associates and joint arrangements
9.5 Movement analysis of investments in associates and joint ventures
9.6 Summarised financial information of associates and joint ventures
9.7 Reconciliation of carrying amounts of investments in associates and joint ventures

CHAPTER 10: ASSETS
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10.1 Property, plant and equipment
10.2 Intangible assets
10.3 Financial assets
10.4 Other assets

CHAPTER 11: LEASES
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11.1 Accounting policies relating to leases
11.2 Judgements and assumptions made by management in applying the related accounting policies
11.3 Right-of-use assets
11.4 Lease liabilities

CHAPTER 12: FUNDING
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12.1 Debt
12.2 Equity

CHAPTER 13: PROVISIONS AND CONTINGENCIES
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13.1 Accounting policies relating to provisions and contingencies
13.2 Significant judgements and assumptions made by management in applying the related accounting policies
13.3 Provisions
13.4 Contingent liabilities

CHAPTER 14: PEOPLE
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14.1 Accounting policies relating to employee benefits
14.2 Significant judgements and assumptions made by management in applying the related accounting policies
14.3 Employee benefits
14.4 Retirement employee obligations
14.5 Directors' and prescribed officers' remuneration

CHAPTER 15: RELATED PARTIES
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15.1 Related-party transactions

CHAPTER 16: FINANCIAL INSTRUMENTS
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16.1 Accounting policies relating to financial instruments
16.2 Judgements and assumptions made by management in applying the related accounting policies
16.3 Financial instruments

CHAPTER 17: SUBSIDIARIES
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17.1 Accounting policies relating to subsidiaries
17.2 Significant judgements and assumptions made by management in applying the related accounting policies
17.3 Transactions with subsidiaries
17.4 Summary of investments in subsidiaries
17.5 Summary of indebtedness by/(to) subsidiaries
17.6 Detailed analysis of investments in subsidiaries
17.7 Non-controlling interests

CHAPTER 18: COMPLIANCE
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18.1 Basis of preparation
18.2 Adoption of new, amended and revised standards and interpretations
18.3 Events after the reporting period

CHAPTER 19: CHANGES TO COMPARATIVE INFORMATION
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19.1 Re-presentation of group comparative information
19.2 Restatement of company comparative information

CHAPTER 20: ANNEXURES
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Annexure 1 Shareholder analysis
Annexure 2 Definitions
Annexure 3 Administration
Annexure 4 Shareholders' diary

ACRONYMS
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Acronyms