Exxaro Resources Limited
Annual Financial Statements 2022
| Group | Company | ||||
| For the year ended 31 December | 2022 % |
2021 % |
2022 % |
2021 % |
|
| Tax as a percentage of profit before tax from continuing operations | 19.2 | 13.2 | 1.3 | (0.2) | |
|---|---|---|---|---|---|
| Tax effect of: | |||||
| – Net capital losses1 | (1.0) | (0.2) | |||
| – Impairments charges2 | (0.1) | (0.3) | |||
| – ECLs on financial assets at amortised cost3 | (0.1) | (0.1) | |||
| – Expenses not deductible for tax purposes4 | (0.2) | (0.7) | 0.1 | ||
| – Exempt income5 | 0.1 | 0.1 | 27.2 | 27.9 | |
| – Reduction in tax rate | 1.4 | (0.1) | |||
| – Post-tax equity-accounted income6 | 8.1 | 16.4 | |||
| – Remeasurements of foreign normal tax | 0.2 | 0.1 | |||
| – Dividend withholding tax | 0.1 | 0.1 | |||
| – Prior year tax adjustments | 0.2 | 0.1 | (0.1) | ||
| – Deferred tax assets (not recognised)/recognised | (0.3) | 0.5 | |||
| – Imputed income from controlled foreign companies and investments | (0.6) | (0.3) | |||
| Standard tax rate | 28.0 | 28.0 | 28.0 | 28.0 | |
| Effective tax rate for continuing operations, excluding income from equity-accounted investments | 27.1 | 31.9 | |||
| 1 Company: Relates to the sale of Aquicure. | |||||
| 2 Relates to the impairment of LightApp. | |||||
| 3 Relates to ECLs on loans which do not qualify for section 11(j). | |||||
| 4 Expenses not deductible for tax purposes: | (0.2) | (0.7) | 0.1 | ||
| – Consulting, legal and other professional fees | (0.1) | (0.1) | (0.1) | ||
| – ESD grants | (0.1) | (0.2) | |||
| – Share-based payments | 0.2 | 0.3 | 0.3 | 0.1 | |
| – Penalties and interest on taxes | (0.1) | ||||
| – Distribution to beneficiaries of Exxaro ESOP Trust | (0.4) | (0.3) | |||
| – Other | 0.2 | (0.5) | |||
| 5 | Group: Mainly relates to dividends received by Exxaro ESOP Trust and Exxaro Community NPC (tax exempt institutions). Company: Mainly relates to dividend income received. |
| 6 | Relates mainly to equity-accounted income of SIOC (refer note 9.3). |
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