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INTEGRATED REPORT 2022

ANNUAL FINANCIAL STATEMENTS 2022

ESG REPORT 2022

CONSOLIDATED MRR REPORT 2022

TAX REPORT 2022

Exxaro Resources Limited

Annual Financial Statements 2022

CHAPTERS 1 TO 3

CHAPTERS 1 TO 3

CHAPTER 1

The year in brief

CHAPTER 2

Responsibility statement on internal financial controls Directors' approval 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 Disposals of subsidiaries Impairment charges of non-current 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.

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 19

CHAPTERS 18 TO 19

CHAPTER 18

Basis of preparation Adoption of new, amended and revised standards and interpretations Events after the reporting period

CHAPTER 19

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

4.1Group financial statements

4.1.1Statements of comprehensive income

For the year ended 31 December	Note		2022 Rm	2021 Rm
Revenue	6.1.2		46 369	32 771
Operating expenses	6.1.3		(30 148)	(24 343)
Operating profit			16 221	8 428
Loss on disposal of subsidiaries	8.3		(1)	(947)
Impairment charges of non-current operating assets	8.4			(21)
Net operating profit			16 220	7 460
Finance income	12.1.2		694	239
Finance costs	12.1.2		(1 052)	(860)
Income from financial assets			6	55
Share of income of equity-accounted investments	9.3		6 477	9 790
Impairment charges of equity-accounted investments	8.4		(53)
Profit before tax			22 292	16 684
Income tax expense	7.3		(4 287)	(2 203)
Profit for the year from continuing operations			18 005	14 481
Profit for the year from discontinued operations	6.1.4			1 892
Profit for the year			18 005	16 373
Other comprehensive income/(loss), net of tax			384	(913)
Items that will not be reclassified to profit or loss:			14	40
– Remeasurement of retirement employee obligations			3
– Changes in fair value of equity investments at FVOCI			10	49
– Share of OCI of equity-accounted investments			1	(9)
Items that may subsequently be reclassified to profit or loss:			300	302
– Unrealised exchange differences on translation of foreign operations			34	39
– Changes in fair value on cash flow hedges			113	84
– Share of OCI of equity-accounted investments			153	179
Items that have subsequently been reclassified to profit or loss:			70	(1 255)
– Recycling of unrealised exchange differences on translation of foreign operations				(482)
– Recycling of changes in fair value on cash flow hedges			70	105
– Recycling of share of OCI of equity-accounted investments				(878)


Total comprehensive income for the year			18 389	15 460
Profit attributable to:
Owners of the parent			13 826	12 667
– Continuing operations			13 826	11 202
– Discontinued operations				1 465
Non-controlling interests			4 179	3 706
– Continuing operations			4 179	3 279
– Discontinued operations				427

Profit for the year			18 005	16 373
Total comprehensive income attributable to:
Owners of the parent			14 113	11 954
– Continuing operations			14 113	11 169
– Discontinued operations				785
Non-controlling interests			4 276	3 506
– Continuing operations			4 276	3 277
– Discontinued operations				229

Total comprehensive income for the year			18 389	15 460

	Note		cents	cents
Attributable earnings per share	5.2
Aggregate
– Basic			5 713	5 128
– Diluted			5 713	5 128
Continuing operations
– Basic			5 713	4 535
– Diluted			5 713	4 535
Discontinued operations
– Basic				593
– Diluted				593

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