Exxaro Resources Limited
Annual Financial Statements 2022
The accounting policy for financial assets is disclosed in note 16.1 of financial instruments.
| Group | Company | |||||||||||
| At 31 December | Note | 2022 Rm |
2021 Rm |
2022 Rm |
2021 Rm |
|||||||
| Non-current | ||||||||||||
| Financial assets at FVOCI | 474 | 446 | ||||||||||
| Equity: unlisted – Chifeng1 | 474 | 446 | ||||||||||
| Financial assets at FVPL | 2 607 | 2 173 | 35 | 34 | ||||||||
| Debt: unlisted – environmental rehabilitation funds | 2 187 | 2 173 | 35 | 34 | ||||||||
| Debt: unlisted – portfolio investments | 420 | |||||||||||
| Derivative financial assets designated as hedging instruments | 11 | |||||||||||
| Cash flow hedge derivatives: interest rate swaps2 | 11 | |||||||||||
| Financial assets at amortised cost | 447 | 618 | 4 395 | 5 225 | ||||||||
| ESD loans3 | 102 | 91 | 102 | 91 | ||||||||
| Vendor finance loan4 | 173 | 293 | 173 | 293 | ||||||||
| Interest-bearing loans to subsidiaries5 | 17.5 | 4 120 | 4 841 | |||||||||
| Other financial assets at amortised cost | 172 | 234 | ||||||||||
| – Environmental rehabilitation funds | 99 | 94 | ||||||||||
| – Deferred pricing receivable6 | 76 | 145 | ||||||||||
| – Impairment allowances | (3) | (5) | ||||||||||
| Total non-current financial assets | 16.3 | 3 539 | 3 237 | 4 430 | 5 259 | |||||||
| Current | ||||||||||||
| Financial assets at FVPL | 57 | 4 | ||||||||||
| Derivative financial assets | 57 | 4 | ||||||||||
| Financial assets at amortised cost | 319 | 307 | 1 997 | 6 260 | ||||||||
| ESD loans3 | 76 | 90 | 76 | 90 | ||||||||
| Vendor finance loan4 | 121 | 7 | 121 | 7 | ||||||||
| Interest-bearing loans to subsidiaries5 | 17.5 | 511 | 858 | |||||||||
| Non-interest-bearing loans to subsidiaries7 | 17.5 | 676 | 357 | |||||||||
| Treasury facilities with subsidiaries8 | 17.5 | 559 | 4 803 | |||||||||
| Other financial assets at amortised cost | 122 | 210 | 54 | 145 | ||||||||
| –Deferred pricing receivable6 | 70 | 67 | ||||||||||
| – Deferred consideration receivable9 | 56 | 150 | 56 | 150 | ||||||||
| – Employee receivables | 4 | 4 | 4 | 4 | ||||||||
| – Impairment allowances | (8) | (11) | (6) | (9) | ||||||||
| Total current financial assets | 16.3 | 376 | 311 | 1 997 | 6 260 | |||||||
| Total financial assets | 3 915 | 3 548 | 6 427 | 11 519 | ||||||||
| 1 | 2021: The four Chifeng refinery companies embarked on a process to consolidate the separate companies into one consolidated entity. The investments in the separate companies for certain of the phases were derecognised and the investment in the consolidated entity, which includes all phases of the Chifeng refinery, was recognised on the consolidation date. Exxaro holds an 8.81% shareholding in Chifeng. |
| 2 | Refer note 16.3.3.2.3.2. |
| 3 | Interest-free loans advanced to successful applicants in terms of the Exxaro ESD programme. |
| 4 | Vendor finance loan granted to Overlooked Colliery as part of the disposal of the ECC operation. The repayment terms were revised during 2022. The loan is unsecured,repayable from 1 October 2022 and bears interest at: |
| Prime Rate for the period 3 September 2021 to 30 September 2024 | |
| Prime Rate plus 1 for the period 1 October 2024 to 30 September 2025 | |
| Prime Rate plus 2 for the period 1 October 2025 to 30 September 2026 | |
| Prime Rate plus 3 for the period 1 October 2026 to 30 September 2027. | |
| 5 | Includes back-to-back loans as well as other interest-bearing loans. Refer note 17.5 for details of the terms and conditions. |
| 6 | Relates to a deferred pricing adjustment which arose during 2017. The amount receivable will be settled over seven years (ending 2024) and bears interest at Prime Rate less 2% |
| 7 | These loans are interest-free, unsecured and repayable on demand. |
| 8 | Treasury facilities with subsidiaries have no repayments terms and are repayable on demand. Interest is charged at money market rates. |
| 9 | Relates to deferred consideration receivable which arose on the disposal of the ECC operation. |
Report Index