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Annual Financial Statements 2021
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CHAPTER 4:
Financial statements

  • 4.1GROUP FINANCIAL STATEMENTS
  • 4.1.3Statement of changes in equity
    Other components of equity
Note  Share 
capital 
Rm 
Foreign 
currency 
translation 
Rm 
Financial 
instruments 
revaluation 
Rm 
Equity-settled 
Rm 
Retirement 
employee 
obligations 
Rm 
Financial asset 
FVOCI 
revaluation 
Rm 
Other 
Rm 
Retained 
earnings 
Rm 
At 31 December 2019  1 021  1 906  (35) 883  (39) 31 032 
Total comprehensive (loss)/income  (37) (220) 68  18  (9) 7 283 
– Profit for the year  7 283 
– Other comprehensive (loss)/income for the year  7.7  (37) (220) 68  18  (9)
Transactions with owners  (48) (3 050)
Contributions and distributions  10  (3 034)
– Dividends paid  5.6  (3 034)
– Distributions to NCI share option holders 
– Share-based payments movement  10 
Changes in ownership interest  (58) (16)
– Deemed disposal of JV1  (58) 58 
– Acquisition of subsidiaries2 
– Recognition of NCI3  17.7  (74)
At 31 December 2020  1 021  1 869  (255) 903  (21) (5) 35 265 
Total comprehensive (loss)/income  (882) 138  30  12 667 
– Profit for the year  12 667 
– Other comprehensive (loss)/income for the year  7.7  (882) 138  30 
Transactions with owners (38) (307) 55  30  (10 925)
Contributions and distributions  (38) (122) 20  (11 045)
– Dividends paid  5.6  (9 557)
– Distributions to NCI share option holders 
– Share-based payments movement     (122)
– Shares repurchased and cancelled4  (38) (1 462)
– Share repurchase expenses  (6)
– Transfer of fair value adjustments on disposal of equity 20  (20)
investment at FVOCI to retained earnings
Changes in ownership interest  (185) 55  10  120 
– Disposal of associates5  (185) 55  130 
– Disposal of subsidiaries6  8.3  10  (10)
At 31 December 2021  983  987  (117) 596  35  55  37 007 
Note  Attributable to
owners of 
the parent 
Rm 
Non- 
controlling 
interests 
Rm 
Total 
equity 
Rm 
At 31 December 2019  34 776  8 111  42 887 
Total comprehensive (loss)/income  7 103  1 872  8 975 
– Profit for the year  7 283  1 943  9 226 
– Other comprehensive (loss)/income for the year  7.7  (180) (71) (251)
Transactions with owners  (3 098) (643) (3 741)
Contributions and distributions  (3 024) (979) (4 003)
– Dividends paid  5.6  (3 034) (978) (4 012)
– Distributions to NCI share option holders  (1) (1)
– Share-based payments movement  10  10 
Changes in ownership interest  (74) 336  262 
– Deemed disposal of JV1 
– Acquisition of subsidiaries2  147  147 
– Recognition of NCI3 17.7  (74) 189  115 
At 31 December 2020  38 781  9 340  48 121 
Total comprehensive (loss)/income  11 954  3 506  15 460 
– Profit for the year  12 667  3 706  16 373 
– Other comprehensive (loss)/income for the year  7.7  (713) (200) (913)
Transactions with owners  (11 185) (2 298) (13 483)
Contributions and distributions  (11 185) (3 131) (14 316)
– Dividends paid  5.6  (9 557) (3 124) (12 681)
– Distributions to NCI share option holders  (7) (7)
– Share-based payments movement     (122) (122)
– Shares repurchased and cancelled4  (1 500) (1 500)
– Share repurchase expenses  (6) (6)
– Transfer of fair value adjustments on disposal of equity investment at FVOCI to retained earnings 
Changes in ownership interest  833  833 
– Disposal of associates5 
– Disposal of subsidiaries6  8.3  833  833 
At 31 December 2021  39 550  10 548  50 098 
1 2020: Relates to a reclassification within equity arising from the Cennergi business combination which required the pre-existing interest in the equity-accounted investment to be derecognised as a deemed disposal.
2 2020: Relates to the recognition of the NCI share option holders within the Cennergi group arising from the Cennergi business combination at acquisition.
3 2020: Relates to the recognition of the NCI's share of Tsitsikamma SPV's net asset value, amounting to R189 million, upon the exercise of its in-substance share option, amounting to R115 million (cash received).
4 2021: Relates to the repurchase and cancellation of 9 401 662 ordinary shares to the value of R1.5 billion in terms of the share repurchase programme announced and implemented during the year.
5 2021: Relates to the net reclassifications within equity from the retirement employee obligations reserve and equity-settled reserve to retained earnings upon the divestment from Tronox SA and Tronox Holdings plc.
6 2021: Relates to the net reclassifications within equity from the financial asset FVOCI revaluation reserve to retained earnings as well as the derecognition of the NCI previously recognised for Dorstfontein upon the disposal of the ECC operation.

Foreign currency translation

Arises from the translation of financial statements of foreign operations within the group.

Financial instruments revaluation

Comprises the share of equity-accounted investments' hedging reserves and the group's cash flow hedge reserve.

Equity-settled

Represents the fair value, net of tax, of services received from employees and settled by equity instruments granted.

Retirement employee obligations

Comprises remeasurements, net of tax, on the retirement employee obligations.

Financial asset FVOCI revaluation

Comprises the fair value adjustments, net of tax, on the financial assets classified at FVOCI.

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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