Exxaro Resources Limited
Annual Financial Statements 2022
| Group | Company | ||||
| At 31 December | 2022 Rm |
2021 Rm |
2022 Rm |
2021 Rm |
|
| The movements on deferred tax are as follows: | |||||
| At beginning of the year | (7 902) | (7 160) | 195 | 459 | |
| Items charged to profit or loss | (512) | (683) | (15) | (272) | |
| – Current year | (856) | (673) | (5) | (270) | |
| – Prior year | 28 | (10) | (5) | (2) | |
| – Reduction in tax rate | 316 | (5) | |||
| Items charged directly to equity | 88 | 15 | 54 | 8 | |
| – Share-based payments movement | 88 | 15 | 54 | 8 | |
| Items charged directly to other comprehensive income | (88) | (74) | |||
| – Cash flow hedges | (70) | (74) | |||
| – Financial assets at FVOCI | (18) | ||||
| At end of the year | (8 414) | (7 902) | 234 | 195 | |
| – Deferred tax asset | 254 | 369 | 234 | 195 | |
| – Deferred tax liability | (8 668) | (8 271) | |||
| At 31 December 2021 | |||
| Assets Rm |
Liabilities Rm |
Total net liability Rm |
|
| Property, plant and equipment | (579) | (8 151) | (8 730) |
| Customer contracts | (671) | (671) | |
| Right-of-use assets | (122) | (2) | (124) |
| Share-based payments | 134 | 65 | 199 |
| Other accruals and provisions | 58 | 161 | 219 |
| Bad debt reassessment | 3 | 7 | 10 |
| Restoration provisions | 209 | 204 | 413 |
| Decommissioning provisions | 39 | 59 | 98 |
| Leave pay accrual | 31 | 37 | 68 |
| Retention payables | 2 | 67 | 69 |
| Prepayments | (15) | (42) | (57) |
| Environmental rehabilitation funds | (242) | (383) | (625) |
| Income received in advance | 7 | 7 | |
| Inventories | 19 | 19 | |
| Lease receivables | (15) | (15) | |
| Local tax losses carried forward | 766 | 456 | 1 222 |
| Revaluation of financial assets at FVOCI | (82) | (82) | |
| Retirement employee obligations | 44 | 44 | |
| Deferred tax assets not recognised or derecognised | (228) | (86) | (314) |
| Unclaimed donations | 47 | 1 | 48 |
| Lease liabilities | 139 | 2 | 141 |
| Cash flow hedge reserve | 35 | 12 | 47 |
| Contributions to Exxaro ESOP Trust | 41 | 71 | 112 |
| Total | 369 | (8 271) | (7 902) |
| Group | |||||||
| Movement during the year | At 31 December 2022 | ||||||
| Recognised in profit or loss Rm |
Recognised in OCI Rm |
Recognised directly in equity Rm |
Assets Rm |
Liabilities Rm |
Total net liability Rm |
||
| Property, plant and equipment | (586) | (9) | (9 307) | (9 316) | |||
|---|---|---|---|---|---|---|---|
| Customer contracts | 68 | (603) | (603) | ||||
| Right-of-use assets | 30 | (80) | (14) | (94) | |||
| Share-based payments | (30) | 88 | 157 | 100 | 257 | ||
| Other accruals and provisions | (170) | 83 | (34) | 49 | |||
| Bad debt reassessment | 3 | 1 | 12 | 13 | |||
| Restoration provisions | 266 | 138 | 541 | 679 | |||
| Decommissioning provisions | (16) | 82 | 82 | ||||
| Leave pay accrual | (5) | 8 | 55 | 63 | |||
| Retention payables | (20) | 49 | 49 | ||||
| Prepayments | (23) | (2) | (78) | (80) | |||
| Environmental rehabilitation funds | 17 | (11) | (597) | (608) | |||
| Income received in advance | 1 | 8 | 8 | ||||
| Inventories | 77 | 1 | 95 | 96 | |||
| Lease receivables | 2 | (13) | (13) | ||||
| Local tax losses carried forward | (89) | 117 | 1 016 | 1 133 | |||
| Revaluation of financial assets at FVOCI | (13) | (18) | (113) | (113) | |||
| Retirement employee obligations | 44 | 44 | |||||
| Deferred tax assets not recognised or derecognised | (43) | (268) | (89) | (357) | |||
| Unclaimed donations | (2) | 1 | 45 | 46 | |||
| Lease liabilities | (12) | 113 | 16 | 129 | |||
| Cash flow hedge reserve | 50 | (70) | 27 | 27 | |||
| Contributions to Exxaro ESOP Trust | (17) | 5 | 90 | 95 | |||
| Total | (512) | (88) | 88 | 254 | (8 668) | (8 414) | |
| Company | ||||||
| At 31 December 2021 |
Movement during the year | At 31 December 2022 | ||||
| Total asset Rm |
Recognised in profit or loss Rm |
Recognised directly in equity Rm |
Total asset1 Rm |
|||
| Property, plant and equipment | (3) | (9) | (12) | |||
|---|---|---|---|---|---|---|
| Right-of-use assets | (107) | 27 | (80) | |||
| Share-based payments | 119 | (17) | 54 | 156 | ||
| Other accruals and provisions | 42 | 3 | 45 | |||
| Bad debt reassessment | 1 | 1 | ||||
| Restoration provisions | 11 | 2 | 13 | |||
| Leave pay accrual | 10 | (3) | 7 | |||
| Environmental rehabilitation funds | (10) | 1 | (9) | |||
| Prepayments | (2) | (2) | ||||
| Lease liabilities | 123 | (11) | 112 | |||
| Unclaimed donations | 6 | (6) | ||||
| Contributions to Exxaro ESOP Trust | 4 | (1) | 3 | |||
| Total | 195 | (15) | 54 | 234 | ||
| 1 | The deferred tax asset recognised for the company is supported by sufficient forecast profits to be utilised. The forecast profits are based on agreements in place with commodity businesses within Exxaro. |
Tax on calculated assessable losses
| Group | ||
| At 31 December | 2022 Rm |
2021 Rm |
| Deferred tax assets not recognised, relating to: | ||
| – Local accumulated tax losses | (206) | (181) |
| – Current year tax losses calculated | (38) | (27) |
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