Integrated Report 2021
Exxaro Resources Limited
Annual Financial Statements 2021
The group statement of comprehensive income (and related notes) for the year ended 31 December 2020 has been re-presented for the following items:
The impairment charges line item has been separated on the face of the group statement of comprehensive income in order to provide presentations on a disaggregated basis between non-current operating assets and equity-accounted investments.
The impairment charges line item has been separated on the face of the group statement of comprehensive income in order to provide presentations on a disaggregated basis between non-current operating assets and equity-accounted investments.The impairment charges on equity-accounted investments were previously presented as part of the impairment charges line item on the face of the group statement of comprehensive income within net operating profit. Details of the composition of the impairment charges were presented in the note. The face of the group statement of comprehensive income has been re-presented to separately present the impairment charges on equity-accounted investments outside of net operating profit alongside the presentation of the corresponding share of income of equity-accounted investments to provide a more appropriate net operating profit subtotal line item that reflects the operations of the group.
The impact of the re-presentation was as follows:
| Group | |||
| Previously presented |
Re-presented | Impact | |
| Statement of comprehensive income | |||
| Impairment charges of non-current operating assets1 (Rm) | (1 882) | (1 378) | 504 |
| Net operating profit (Rm) | 4 293 | 4 797 | 504 |
| Impairment charges of equity-accounted investments (Rm) | (504) | (504) | |
| 1 | Previously referred to as "impairment charges". |
On 23 February 2021, Tronox Holdings plc exercised its "flip-in" call option over Exxaro's 26% shareholding in Tronox SA, for which Tronox Holdings plc delivered 7 246 035 newly issued Tronox Holdings plc Ordinary Shares to Exxaro on 24 February 2021. This resulted in the derecognition of the investment in Tronox SA and the recognition of an additional investment in Tronox Holdings plc.
It was concluded that the related performance and cash flow information be presented as a discontinued operation as the investment in Tronox SA represents a separate geographical area of operation of the TiO2 reportable segment.
The investment in Tronox SA has been identified as a discontinued operation and accordingly the comparative information has been re-presented.
The impact of the re-presentation was as follows:
| Group | |||
| Previously presented |
Re-presented | Impact | |
| Statement of comprehensive income | |||
| Share of income of equity-accounted investments (Rm) | 6 411 | 6 204 | (207) |
| Profit for the year from discontinued operations (Rm) | 69 | 276 | 207 |
| Attributable earnings per share | |||
| Continuing operations | |||
| – Basic (cents) | 2 880 | 2 817 | (63) |
| – Diluted (cents) | 2 880 | 2 817 | (63) |
| Discontinued operations | |||
| – Basic (cents) | 22 | 85 | 63 |
| – Diluted (cents) | 22 | 85 | 63 |
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