Integrated Report 2021
Exxaro Resources Limited
Annual Financial Statements 2021
| Voting power of non-controlling interests | ||||
| Subsidiaries with non-controlling interests | Nature of business | Principal place of business | 2021 % |
2020 % |
| Subsidiaries with equity shareholders: | ||||
| Eyesizwe | BEE structured entity | Gauteng | 75.14 | 75.14 |
| Dorstfontein1 | Mining | Mpumalanga | 26.00 | |
| Tsitsikamma SPV | Renewable energy | Eastern Cape | 16.00 | 16.00 |
| Subsidiaries with share option holders: | ||||
| Tsitsikamma SPV | Renewable energy | Eastern Cape | 9.00 | 9.00 |
| Amakhala SPV | Renewable energy | Eastern Cape | 10.00 | 10.00 |
1 Dorstfontein's NCI has been derecognised on the disposal of the ECC operation. Refer to note 8.3 .
| Profit/(loss) allocated to NCI |
OCI allocated to NCI | Dividends and distributions paid to NCI |
Accumulated NCI | ||||||||
| 2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
||||
| Subsidiaries with equity shareholders: | 3 706 | 1 943 | (200) | (71) | (3 124) | (978) | 10 412 | 9 197 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Eyesizwe | 3 714 | 2 118 | (209) | (71) | (3 119) | (978) | 10 214 | 9 828 | |||
| Dorstfontein1 | (10) | (175) | (823) | ||||||||
| Tsitsikamma SPV | 2 | 9 | (5) | 198 | 192 | ||||||
| Subsidiaries with share option holders: | (7) | (1) | 136 | 143 | |||||||
| Tsitsikamma SPV | (7) | (1) | 95 | 102 | |||||||
| Amakhala SPV | 41 | 41 | |||||||||
| Total NCIs | 3 706 | 1 943 | (200) | (71) | (3 131) | (979) | 10 548 | 9 340 | |||
1 Dorstfontein's NCI has been derecognised on the disposal of the ECC operation. Refer to note 8.3.
| NCI equity shareholders |
NCI share option holders |
Total NCI | ||||||||
| For the year ended 31 December | 2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
||||
| At beginning of the year | 9 197 | 8 111 | 143 | 9 340 | 8 111 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income | 3 506 | 1 872 | 3 506 | 1 872 | ||||||
| Share of profit for the year | 3 706 | 1 943 | 3 706 | 1 943 | ||||||
| Share of OCI for the year | (200) | (71) | (200) | (71) | ||||||
| Transactions with owners of subsidiary companies | (3 124) | (978) | (7) | (1) | (3 131) | (979) | ||||
| Dividends paid | (3 124) | (978) | (3 124) | (978) | ||||||
| Distribution to NCI share option holders | (7) | (1) | (7) | (1) | ||||||
| Changes in ownership interest | 833 | 192 | 144 | 833 | 336 | |||||
| Acquisition of subsidiaries1 | 147 | 147 | ||||||||
| Initial recognition of NCI2 | 192 | (3) | 189 | |||||||
| – Share option settlement price | 115 | |||||||||
| – Derecognise share option | (118) | |||||||||
| Divestment of subsidiary3 | 833 | 833 | ||||||||
| At end of the year | 10 412 | 9 197 | 136 | 143 | 10 548 | 9 340 | ||||
| 1 | Relates to the recognition of the NCI share option holders within the Cennergi group arising from the Cennergi business combination at acquisition. |
| 2 | 2020 Recognition of the 16% minority interest in Tsitsikamma SPV upon the exercise of the share option. |
| 3 | Dorstfontein’s NCI has been derecognised on the disposal of the ECC operation. Refer to note 8.3 |
The summarised financial information set out below relates to the subsidiaries in which NCI share.
| Eyesizwe | Dorstfontein | Tsitsikamma SPV | ||||||
| At 31 December | 2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
||
| Statements of financial position | ||||||||
| Non-current assets | 13 555 | 13 078 | 1 272 | 3 507 | 3 706 | |||
| Current assets | 7 | 3 | 162 | 214 | 194 | |||
| Total assets | 13 562 | 13 081 | 1 434 | 3 721 | 3 900 | |||
| Non-current liabilities | 4 451 | 2 407 | 2 641 | |||||
| Current liabilities | 1 | 1 | 148 | 79 | 57 | |||
| Total liabilities | 1 | 1 | 4 599 | 2 486 | 2 698 | |||
| Net assets/(liabilities) | 13 561 | 13 080 | (3 165) | 1 235 | 1 202 | |||
| Accumulated NCIs | 10 214 | 9 828 | (823) | 198 | 192 | |||
| Eyesizwe | Dorstfontein1 | Tsitsikamma SPV2 | ||||||
| For the year ended 31 December | 2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
2021 Rm |
2020 Rm |
||
| Statements of comprehensive income | ||||||||
| Revenue | 905 | 1 190 | 509 | |||||
| Net operating (loss)/profit | (2) | (2) | 39 | (755) | 197 | |||
| Income from equity-accounted investments | 4 945 | 2 821 | ||||||
| Net finance costs | (75) | (113) | (167) | |||||
| Income tax benefit/(expense) | 194 | (16) | ||||||
| Profit/(loss) for the year | 4 943 | 2 819 | (36) | (674) | 14 | |||
| Other comprehensive (loss)/income | (278) | (96) | 53 | |||||
| Total comprehensive income/(loss) for the year | 4 665 | 2 723 | (36) | (674) | 67 | |||
| Profit/(loss) attributable to: | 4 943 | 2 819 | (36) | (674) | 14 | |||
| Owners of the parent | 1 229 | 701 | (26) | (499) | 12 | |||
| Non-controlling interests | 3 714 | 2 118 | (10) | (175) | 2 | |||
| Other comprehensive (loss)/income attributable to: | (278) | (96) | 53 | |||||
| Owners of the parent | (69) | (25) | 44 | |||||
| Non-controlling interests | (209) | (71) | 9 | |||||
| Total comprehensive income/(loss) attributable to: | 4 665 | 2 723 | (36) | (674) | 67 | |||
| Owners of the parent | 1 160 | 676 | (26) | (499) | 56 | |||
| Non-controlling interests | 3 505 | 2 047 | (10) | (175) | 11 | |||
| Statements of cash flows | ||||||||
| Cash flows from operating activities | (4 154) | (1 303) | (103) | (305) | 186 | |||
| Cash flows from investing activities | 4 157 | 1 301 | (90) | (282) | ||||
| Cash flows from financing activities | 189 | 566 | (175) | |||||
| Net increase/(decrease) in cash and cash equivalents | 3 | (2) | (4) | (21) | 11 | |||
| Dividends paid to non-controlling interests: | (3 119) | (978) | (5) | |||||
| 1 | 2021: Includes results for the period ended 3 September 2021. |
| 2 | 16% NCI holder shares in results from 1 January 2021. |
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