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.
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CHAPTER 4:
Financial statements

4.1 Group financial statements

4.1.1Statement of comprehensive income

For the year ended 31 December	Note	2021 Rm	Re-presented)¹ 2020 Rm
Revenue	6.1.2	32 771	28 924
Operating expenses	6.1.3	(24 343)	(22 749)
Operating profit		8 428	6 175
Loss on disposal of subsidiaries	8.3	(947)
Impairment charges of non-current operating assets	8.4	(21)	(1 378)
Net operating profit		7 460	4 797
Finance income	12.1.2	239	215
Finance costs	12.1.2	(860)	(1 047)
Income from financial assets		55	4
Share of income of equity-accounted investments	9.3	9 790	6 204
Impairment charges of equity-accounted investments	8.4		(504)
Profit before tax		16 684	9 669
Income tax expense	7.3	(2 203)	(719)
Profit for the year from continuing operations		14 481	8 950
Profit for the year from discontinued operations	6.1.4	1 892	276
Profit for the year		16 373	9 226
Other comprehensive loss, net of tax		(913)	(251)
Items that will not be reclassified to profit or loss:		40	10
– Remeasurement of retirement employee obligations			21
– Changes in fair value of equity investments at FVOCI		49	(13)
– Share of OCI of equity-accounted investments		(9)	2
Items that may subsequently be reclassified to profit or loss:		302	(281)
– Unrealised exchange differences on translation of foreign operations		39	55
– Changes in fair value on cash flow hedges		84	(385)
– Share of OCI of equity-accounted investments		179	49
Items that have subsequently been reclassified to profit or loss:		(1 255)	20
– Recycling of unrealised exchange differences on translation of foreign operations		(482)	(103)
– Recycling of changes in fair value on cash flow hedges		105	77
– Recycling of share of OCI of equity-accounted investments		(878)	46


Total comprehensive income for the year		15 460	8 975
Profit attributable to:
Owners of the parent		12 667	7 283
– Continuing operations		11 202	7 069
– Discontinued operations		1 465	214
Non-controlling interests		3 706	1 943
– Continuing operations		3 279	1 881
– Discontinued operations		427	62

Profit for the year		16 373	9 226
Total comprehensive income attributable to:
Owners of the parent		11 954	7 103
– Continuing operations		11 169	6 928
– Discontinued operations		785	175
Non-controlling interests		3 506	1 872
– Continuing operations		3 277	1 821
– Discontinued operations		229	51

Total comprehensive income for the year		15 460	8 975

	Note	cents	cents
Attributable earnings per share	5.2
Aggregate
– Basic		5 128	2 902
– Diluted		5 128	2 902
Continuing operations
– Basic		4 535	2 817
– Diluted		4 535	2 817
Discontinued operations
– Basic		593	85
– Diluted		593	85

¹ Refer note 19.1.

CHAPTER 4: Financial statements

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CHAPTER 4:
Financial statements