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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.
ACRONYMS
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CHAPTER 4:Financial statements

4.1GROUP FINANCIAL STATEMENTS

4.1.2Statement of financial position

At 31 December	Note		2022 Rm	(Re-presented)¹ 2021 Rm
ASSETS
Non-current assets			63 357	63 298
Property, plant and equipment	10.1.3		37 446	38 351
Intangible assets	10.2.3		2 760	2 927
Right-of-use assets	11.3		352	401
Inventories	6.2.2		176	145
Equity-accounted investments	9.4		18 060	17 322
Financial assets	10.3.2		3 539	3 237
Deferred tax	7.5		254	369
Other assets	10.4.1		770	546
Current assets			21 788	12 419
Inventories	6.2.2		1 728	1 606
Financial assets	10.3.2		376	311
Trade and other receivables	6.2.3		4 199	2 701
Cash and cash equivalents	6.2.5		14 812	7 042
Current tax receivables¹			101	24
Other assets¹	10.4		572	735


Total assets			85 145	75 717
EQUITY AND LIABILITIES
Capital and other components of equity
Share capital	12.2.2		983	983
Other components of equity			1 700	1 560
Retained earnings			44 136	37 007
Equity attributable to owners of the parent			46 819	39 550
Non-controlling interests	17.7		12 560	10 548
Total equity			59 379	50 098
Non-current liabilities			20 574	20 841
Interest-bearing borrowings	12.1.3		8 378	9 255
Lease liabilities	11.4		438	470
Other payables	6.2.4		25	53
Provisions	13.3		2 762	2 201
Retirement employee obligations	14.4		165	159
Financial liabilities	12.1.7		112	406
Deferred tax	7.5		8 668	8 271
Other liabilities	12.1.8		26	26
Current liabilities			5 192	4 778
Interest-bearing borrowings	12.1.3		715	1 000
Lease liabilities	11.4		40	34
Trade and other payables	6.2.4		3 340	2 230
Provisions	13.3		179	101
Financial liabilities	12.1.7		5
Overdraft	6.2.5			1
Current tax payables ¹			143	418
Other liabilities ¹	12.1.8		770	994


Total liabilities			25 766	25 619
Total equity and liabilities			85 145	75 717

¹

Current tax receivables have been reclassified as a separate line item from other assets. Similarly, current tax payables have been reclassified as a separate line item from other liabilities. These reclassifications have been made to disaggregate these items on the face of the statement of financial position to provide a better presentation of assets and liabilities for users.

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