CHAPTER 17:Subsidiaries

17.7 NON-CONTROLLING INTERESTS

17.7.1 Composition and analysis of non-controlling interests

			Voting power of non-controlling interests
Subsidiaries with non-controlling interests	Nature of business	Principal place of business	2022 %	2021 %
Subsidiaries with equity shareholders:
Eyesizwe	BEE structured entity	Gauteng	75.14	75.14
Tsitsikamma SPV¹	Renewable energy	Eastern Cape	25.00	16.00
Subsidiaries with share option holders:
Tsitsikamma SPV¹	Renewable energy	Eastern Cape		9.00
Amakhala SPV	Renewable energy	Eastern Cape	5.00	5.00

¹	On 31 March 2022, the remaining 9% share option holder of Tsitsikamma SPV, exercised its share option becoming a true equity shareholder.

	Profit/(loss)allocated to NCI		OCI allocated to NCI		Dividends and distributions paid to NCI		Accumulated NCI
	2022 Rm	2021 Rm	2022 Rm	2021 Rm	2022 Rm	2021 Rm	2022 Rm	2021 Rm
Subsidiaries with equity shareholders:	4 179	3 706	97	(200)	(2 274)	(3 124)	12 519	10 412
Eyesizwe	4 164	3 714	85	(209)	(2 237)	(3 119)	12 226	10 214
Dorstfontein¹		(10)
Tsitsikamma SPV	15	2	12	9	(37)	(5)	293	198
Subsidiaries with share option holders:					(1)	(7)	41	136
Tsitsikamma SPV					(1)	(7)		95
Amakhala SPV							41	41

Total NCIs	4 719	3 706	97	(200)	(2 275)	(3 131)	12 560	10 548

¹	2021: Dorstfontein's NCI was derecognised on the disposal of the ECC operation.

		NCI equity shareholders		NCI share option holders		Total NCI
Movement analysis of NCI:	Note	2022 Rm	2021 Rm	2022 Rm	2021 Rm	2022 Rm	2021 Rm
At the beginning of the year		10 412	9 197	136	143	10 548	9 340
Total comprehensive income		4 276	3 506			4 276	3 506
Share of profit for the year		4 179	3 706			4 179	3 706
Share of OCI for the year		97	(200)			97	(200)
Transactions with owners of subsidiary companies		(2 274)	(3 124)	(1)	(7)	(2 275)	(3 131)
Dividends paid		(2 274)	(3 124)			(2 274)	(3 124)
Distribution to NCI share option holders				(1)	(7)	(1)	(7)
Changes in ownership interest		105	833	(94)		11	833
Initial recognition of NCI equity shareholder¹		105		(94)		11
– Derecognise share option¹				(94)
Disposal of subsidiary²			833				833

At end of the year		12 519	10 412	41	136	12 560	10 548

¹	On 31 March 2022, the remaining 9% share option holder of Tsitsikamma SPV, exercised its share option becoming a true equity shareholder.
²	Dorstfontein's NCI has been derecognised on the disposal of the ECC operation.

17.7.2Summarised financial information of non-controlling interests

The summarised financial information set out below relates to the subsidiaries in which NCI share.

	Tsitsikamma SPV		Eyesizwe
At 31 December	2022 Rm	2021 Rm	2022 Rm	2021 Rm
Statements of financial position
Non-current assets	3 335	3 507	16 185	13 555
Current assets	187	214	7	7
Total assets	3 522	3 721	16 192	13 562
Non-current liabilities	2 238	2 407
Current liabilities	106	79	1	1
Total liabilities	2 344	2 486	1	1
Net assets	1 178	1 235	16 191	13 561
Accumulated NCIs	293	198	12 226	10 214

	Dorstfontein¹	Tsitsikamma SPV²		Eyesizwe
For the year ended 31 December	2021 Rm	2022 Rm	2021 Rm	2022 Rm	2021 Rm
Statements of comprehensive income
Revenue	905	514	509
Net operating profit/(loss)	39	219	197	(1)	(2)
Income from equity-accounted investments				5 543	4 945
Net finance costs	(75)	(166)	(167)
Income tax benefit/(expense)		6	(16)
(Loss)/profit for the year	(36)	59	14	5 542	4 943
Other comprehensive income/(loss)		55	53	114	(278)
Total comprehensive (loss)/income for the year	(36)	114	67	5 656	4 665
(Loss)/profit attributable to:	(36)	59	14	5 542	4 943
Owners of the parent	(26)	44	12	1 378	1 229
Non-controlling interests	(10)	15	2	4 164	3 714
Other comprehensive income/(loss) attributable to:		55	53	114	(278)
Owners of the parent		43	44	29	(69)
Non-controlling interests		12	9	85	(209)
Total comprehensive (loss)/income attributable to:	(36)	114	67	5 656	4 665
Owners of the parent	(26)	87	56	1 407	1 160
Non-controlling interests	(10)	27	11	4 249	3 505

Statements of cash flows
Cash flows from operating activities²	(103)	208	214	(1)	(3)
Cash flows from investing activities	(90)			2 979	4 157
Cash flows from financing activities²	189	(248)	(203)	(2 978)	(4 151)
Net (decrease)/increase in cash and cash equivalents	(4)	(40)	11		3
Dividends paid to non-controlling interests:		(37)	(5)	(2 237)	(3 119)

¹	2021: Includes results for the period ended 3 September 2021.
²	2021: Dividends paid have been re-presented as a financing activity (previously presented as an operating activity). This re-presentation was done to align the presentation of cash flows with the revised group disclosures.

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

CHAPTER 17:Subsidiaries

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