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Exxaro Resources Limited
Annual Financial Statements 2022
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Currently viewing: 17.6 Detailed analysis of investments in subsidiaries and indebtedness by/(to) subsidiaries | Next: 17.7 Non-controlling interests

CHAPTER 17:Subsidiaries

  • 17.6 DETAILED ANALYSIS OF INVESTMENTS IN SUBSIDIARIES AND INDEBTEDNESS BY/(TO) SUBSIDIARIES
Investment in subsidiaries
Portfolio changes in
2022 		  Investment in shares1 Investment in
share-based payments
Type2 Date Country3 Nature of
business4		 2022
R		 2021
R		 2022
Rm		 2021
Rm
DIRECT INVESTMENTS
Aquicure Proprietary Limited5 S 31 Jul RSA W   100    
Cennergi Proprietary Limited6 AS 07 Oct RSA H   2 437 330 415    
Cennergi Holdings Proprietary Limited6 AS 07 Oct RSA H 2 437 330 416 1    
Colonna Properties Proprietary Limited RSA B 2 518 966 2 518 966    
Exxaro Australia Holdings Proprietary Limited7 AUS H 710 080 074 648 703 847    
Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited RSA H 1 1    
Exxaro Chairman's Fund RSA S        
Exxaro Coal Proprietary Limited RSA M 1 868 325 864 1 868 325 864 207 263
Exxaro Employee Empowerment Participation Scheme Trust8 RSA S        
Exxaro Employee Empowerment Trust8 RSA S        
Exxaro Environmental Rehabilitation Fund RSA S        
Exxaro ESOP SPV RF Proprietary Limited RSA S 100 100    
Exxaro FerroAlloys Proprietary Limited RSA A 1 1 3 3
Exxaro Foundation8 RSA S        
Exxaro Holdings Proprietary Limited RSA H 459 517 297 459 517 297    
Exxaro Insurance Company Limited RSA I 312 000 000 312 000 000    
Exxaro Matla Setshabeng Development NPC RSA S        
Exxaro Mountain Bike Academy NPC RSA E        
Exxaro People Development Initiative NPC8 RSA E        
Exxaro Properties (Groenkloof) Proprietary Limited8 RSA B 1 1    
Eyesizwe (RF) Proprietary Limited (2022: 14.86%) (2021: 14.86%) RSA S 1 482 907 923 1 482 907 923    
Ferroland Grondtrust Proprietary Limited RSA F 2 2 5 5
Gravelotte Iron Ore Company Proprietary Limited RSA B 1 1    
Kumba Resources Management Share Trust RSA S        
Rocsi Holdings Proprietary Limited RSA H 653 722 945 653 722 945    
Total direct investments in subsidiaries 7 926 403 591 7 865 027 464 215 271
INDIRECT INVESTMENTS
Amakhala Emoyeni RF Proprietary Limited (95%) RSA R        
Coastal Coal Proprietary Limited RSA MIC     3 3
Cennergi Services Proprietary Limited RSA C        
Lephalale Solar Proprietary Limited RSA R        
K2021699383 (South Africa) Proprietary Limited RSA R        
Exxaro Australia Proprietary Limited AUS M & P        
Exxaro Coal Mpumalanga Proprietary Limited RSA M     224 240
Exxaro International Trading AG SW C     (1) (1)
Exxaro Reductants Proprietary Limited RSA A        
The Vryheid (Natal) Railway Coal and Iron Company Proprietary Limited RSA MIC        
Exxaro Employee Share Ownership Trust RSA S        
Tsitsikamma RF Proprietary Limited RSA R        
Total indirect investment in subsidiaries     226 242
Total investment in subsidiaries 7 926 403 591 7 865 027 464 441 513
1 At 100% holding except where otherwise indicated.
2 AS – Asset for share transaction, S – Sold.
3 Country of incorporation: RSA — Republic of South Africa, AUS — Australia, SW — Switzerland.
4 M — Mining, B — Property, C — Service, E — Not for profit company, F — Farming, H — Holdings, I — Insurance, A — Manufacturing, P — Exploration, S — Structured entity, W – Water, MIC – Mines in closure, R - Renewable Energy.
5 Disposed of on 31 July 2022 (Refer to note 8.3).
6 Exxaro sold its direct interest in Cennergi to Cennergi Holdings in an asset (investment in shares) for share transaction that was effective on 7 October 2022.
7 Cash subscription and loan capitalisation in 2022.
8 Entity in process of liquidation or deregistration.

 

  Total indebtedness receivable/(payable)
  Total indebtedness by (Total indebtedness to)
Type of indebtedness 2022
Rm		 2021
Rm		 2022
Rm		 2021
Rm
DIRECT INVESTMENTS
Aquicure Proprietary Limited5 Non-interest-bearing   41    
Cennergi Proprietary Limited6        
Cennergi Holdings Proprietary Limited6 Non-interest-bearing 207 92    
Colonna Properties Proprietary Limited        
Exxaro Australia Holdings Proprietary Limited7        
Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited Non-interest-bearing 216 213    
Exxaro Chairman's Fund        
Exxaro Coal Proprietary Limited Total 4 731 5 779 (11 216) (9 665)
Interest-bearing 4 554 5 576
Treasury facility (11 216) (9 665)
Current indebtedness 176 203
Exxaro Employee Empowerment Participation Scheme Trust8        
Exxaro Employee Empowerment Trust8        
Exxaro Environmental Rehabilitation Fund        
Exxaro ESOP SPV RF Proprietary Limited Interest-bearing 19 33    
Exxaro FerroAlloys Proprietary Limited Total 275 232    
Treasury facility 272 228
Current indebtedness 3 4
Exxaro Foundation8        
Exxaro Holdings Proprietary Limited Non-interest-bearing     (6)  
Exxaro Insurance Company Limited Current indebtedness 1 2    
Exxaro Matla Setshabeng Development NPC Interest-bearing 58 90    
Exxaro Mountain Bike Academy NPC Non-interest-bearing        
Exxaro People Development Initiative NPC8        
Exxaro Properties (Groenkloof) Proprietary Limited8 Non-interest-bearing        
Eyesizwe (RF) Proprietary Limited (2022: 14.86%) (2021: 14.86%)        
Ferroland Grondtrust Proprietary Limited Total 286 255    
Treasury facility 285 254
Current indebtedness 1 1
Gravelotte Iron Ore Company Proprietary Limited Non-interest-bearing   3    
Kumba Resources Management Share Trust Non-interest-bearing     (79) (76)
Rocsi Holdings Proprietary Limited Non-interest-bearing 95 8    
Total direct investments in subsidiaries 5 887 6 748 (11 301) (9 741)
INDIRECT INVESTMENTS
Amakhala Emoyeni RF Proprietary Limited (95%)        
Coastal Coal Proprietary Limited Total 109 88    
Treasury facility 1 88
Non-interest-bearing 108  
Cennergi Services Proprietary Limited        
Lephalale Solar Proprietary Limited        
K2021699383 (South Africa) Proprietary Limited        
Exxaro Australia Proprietary Limited        
Exxaro Coal Mpumalanga Proprietary Limited Total 95 4 302 (689)  
Treasury facility 4 189 (689)
Current indebtedness 95 113
Exxaro International Trading AG        
Exxaro Reductants Proprietary Limited Treasury facility     (69) (5)
The Vryheid (Natal) Railway Coal and Iron Company Proprietary Limited Total 51 44    
Treasury facility 1 44
Non-interest-bearing 50  
Exxaro Employee Share Ownership Trust Current indebtedness   1    
Tsitsikamma RF Proprietary Limited        
Total indirect investment in subsidiaries 255 4 435 (758) (5)
Total investment in subsidiaries 6 142 11 183 (12 059) (9 746)
Exxaro Resources Limited Annual Financial Statements 2022
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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 Directors' approval
2.3 Certificate by the group company secretary
2.4 Report of the directors
2.5 Audit committee report
2.6 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 Disposals of subsidiaries
8.4 Impairment charges of non-current assets

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 and contingent assets

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: 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