Exxaro Resources Limited
Annual Financial Statements 2022
| Group | |||
| For the year ended 31 December | 2022 Rm |
2021 Rm |
|
| Thabametsi | |||
| Impairment charges | (21) | ||
| – Property, plant and equipment | (21) | ||
| Total impairment charges of non-current operating assets | (21) | ||
| Investments in associates | |||
| Impairment charges | (53) | ||
| – LightApp | (53) | ||
| Total impairment charges of equity-accounted investments | (53) | ||
| Net impairment charges of non-current assets | (53) | (21) | |
| Net tax effect | 6 | ||
| Net effect on attributable earnings | (53) | (15) | |
| Company | |||
| For the year ended 31 December | 2022 Rm |
2021 Rm |
|
| Investments in associates | |||
| Impairment charges | (143) | ||
| – LightApp | (143) | ||
| Total impairment charges of investments in associates | (143) | ||
| Net impairment charges of non-current assets1 | (143) | ||
| 1 | Tax effect of nil. |
Exxaro's investment in LightApp was identified not to be a strategic fit for Exxaro. As such, Exxaro did not participate in LightApp's request for bridge funding and decided to dispose of its interest in LightApp at an appropriate time. Despite LightApp receiving some financing from other shareholders and a grant to alleviate some cashflow constraints, the sustainability of the business remains under pressure.
On 31 December 2022, the equity interest in LightApp was impaired to nil.
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