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Exxaro Resources Limited
Annual Financial Statements 2022
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Acronyms

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A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
R
S
U
V
W
Adjusted Group Earnings
Group core net profit after tax (excluding SIOC core equity-accounted income) less NCI of Exxaro subsidiaries (excluding NCI of Eyesizwe)
ADX
K2018621183 (South Africa) Proprietary Limited
AGM
Annual general meeting
Amakhala SPV
Amakhala Emoyeni RE Project 1 (RF) Proprietary Limited
API4
All publications index 4 (FOB Richards Bay 6000/kcal/kg)
AU$
Australian dollar
B-BBEE
Broad-based black economic empowerment
BEE
Black economic empowerment
BEE Parties
External shareholders of Eyesizwe
Black Mountain
Black Mountain Proprietary Limited
Capex
Capital expenditure
CDP
Carbon Disclosure Project
Cennergi
Cennergi Proprietary Limited or Cennergi group of companies
CEO
Chief Executive Officer
CFR
Cost and freight
CGU
Cash-generating unit
Chifeng
Chifeng NFC Zinc Co. Limited
Companies Act
Companies Act No 71 of 2008, as amended
CPI
Consumer price index
cps
Cents per share
CV
Calorific value
DBP
Deferred bonus plan
DCF
Discounted cash flow
DEA
Department of Environmental Affairs
DMRE
Department of Mineral Resources and Energy
DMTN
Domestic Medium-Term Note
Dorstfontein
Dorstfontein Coal Mines Proprietary Limited
DVA
Debit value adjustment
EBITDA
Net operating profit before interest, tax, depreciation, amortisation, impairment charges or impairment reversals and net losses or gains on the disposal of assets and investments (including translation differences recycled to profit or loss)
ECC
Exxaro Coal Central Proprietary Limited or ECC group of companies
ECL(s)
Expected credit loss(es)
ESD
Enterprise and supplier development
ESG
Environment, social and governance
Exxaro
Exxaro Resources Limited
Exxaro Community NPC
Exxaro Matla Setshabeng Development NPC
Exxaro ESOP SPV
Exxaro ESOP SPV RF Proprietary Limited
Eyesizwe
Eyesizwe (RF) Proprietary Limited, a special purpose private company which has a 30.81% shareholding in Exxaro
FCTR
Foreign currency translation reserve
FEC(s)
Forward exchange contract(s)
FerroAlloys
Exxaro FerroAlloys Proprietary Limited
Ferroland
Ferroland Grondtrust Proprietary Limited
FOB
Free on board
FPR:2015
Financial provisioning regulations, 2015
FVOCI
Fair value through other comprehensive income
FVPL
Fair value through profit or loss
GAM
Global Asset Management Limited
GDP
Gross domestic product
GIS
Group incentive scheme
GWh
Gigawatt hour
HDSA
The meaning given to it, or any equivalent or replacement term, in the broad-based socio-economic empowerment charter for the South African Mining Industry, developed under section 100 of the MPRDA, as amended or replaced from time to time
HEPS
Headline earnings per share
IAS
International Accounting Standard(s)
IASB
International Accounting Standards Board
IASB
International Accounting Standards Board
IFRIC
IFRS Interpretations Committee
IFRS(s)
International Financial Reporting Standard(s) (as issued by the IASB)
IM
Information management
Insect Technology
Insect Technology Group Holdings UK Limited
IoDSA
The Institute of Directors in South Africa
JIBAR
Johannesburg Interbank Average Rate
JORC
Joint Ore Reserves Committee Code
JSE
JSE Limited
JV
Joint venture
kcal
Kilocalorie
King IVTM
King IV Report on Corporate GovernanceTM for South Africa, 20161
KIO
Kumba Iron Ore Limited
KPMG
KPMG Inc.
kt
Kilo tonnes
ktCO2eq
Kilotonnes of carbon dioxide equivalent
LGD
Loss given default
LightApp
LightApp Technologies Limited
Listings Requirements
JSE Listings Requirements
LME
London Metal Exchange
LoM
Life of mine
LOS
Line of sight incentive
LTIFR
Lost-time injury frequency rate
LTIP
Long-term incentive plan
Mafube
Mafube Coal Proprietary Limited
MoI
Memorandum of Incorporation
MPRDA
Mineral and Petroleum Resources Development Act 28 of 2002
MSR
Minimum shareholding requirement
Mt
Million tonnes
NCI(s)
Non-controlling interest(s)
NCOE
Notional cost of employment
NEMA
National Environmental Management Act, 1998
NPC
Not-for-profit company
OCI
Other comprehensive income
Overlooked Colliery
Overlooked Colliery Proprietary Limited
PD
Probability of default
PIC
Public Investment Corporation
PPI
Producer Price Index
Prime Rate
South African prime bank rate
PwC
PricewaterhouseCoopers Incorporated
RBCT
Richards Bay Coal Terminal Proprietary Limited
Replacement BEE Transaction
BEE transaction which was implemented in 2017 and resulted in Exxaro being held 30% by HDSAs
Rbn
Rand billion
Rm
Rand million
RMB
Chinese renminbi
ROCE
Return on capital employed
RSA
Republic of South Africa
SAICA
South African Institute of Chartered Accountants
SAMREC Code
The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves
SARS
South African Revenue Service
SIOC
Sishen Iron Ore Company Proprietary Limited
SLP(s)
Social and Labour Plan(s)
SME(s)
Small and medium enterprise(s)
SPA
Sale and purchase agreement
SPPI
Solely payments of principal and interest
SSCC
Semi-soft coking coal
TCFD
Task Force on Climate-Related Financial Disclosures
Thungela
Thungela Resources Limited, through its subsidiary South Africa Coal Operations Proprietary Limited
TiO2
Titanium dioxide
Tronox SA
Tronox KZN Sands Proprietary Limited and Tronox Mineral Sands Proprietary Limited
Tsitsikamma SVP
Tsitsikamma Community Wind Farm Proprietary Limited
TSR
Total shareholder return
Tumelo
Tumelo Coal Mines Proprietary Limited
TVP(s)
Targeted Voluntary Severance Package(s)
UK
United Kingdom
US$
United States dollar
USA
United States of America
VAT
Value Added Tax
WANOS
Weighted average number of shares

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Exxaro Resources Limited Annual Financial Statements 2022
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CHAPTER 1: THE YEAR IN BRIEF
Add section
The year in brief

CHAPTER 2: REPORTS
Add section
2.1 Responsibility statement on internal financial controls
2.2 Directors' approval
2.3 Certificate by the group company secretary
2.4 Report of the directors
2.5 Audit committee report
2.6 Independent auditor's report

CHAPTER 3: SEGMENTAL REPORTING
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3.1 Accounting policy relating to segmental reporting
3.2 Significant judgements and assumptions made by management in applying the related accounting policy
3.3 Reportable segments
3.4 Geographic location of segment assets

CHAPTER 4: FINANCIAL STATEMENTS
Add section
4.1.1 Group financial statements of comprehensive income
4.1.2 Group financial statements of financial position
4.1.3 Group financial statements of changes in equity
4.1.4 Group financial statements of cash flows
4.2.1 Company financial statement of comprehensive income
4.2.2 Company financial statement of financial position
4.2.3 Company financial statement of changes in equity
4.2.4 Company financial statement of cash flows

CHAPTER 5: EARNINGS
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5.1 Accounting policy relating to earnings
5.2 Attributable earnings per share
5.3 Reconciliation of headline earnings
5.4 Headline earnings per share
5.5 Dividend distributions
5.6 Notes to the statements of cash flows relating to earnings
CHAPTER 6: OPERATIONAL PERFORMANCE AND WORKING CAPITAL
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6.1 Operational performance
6.2 Working capital
6.3 Notes to the statements of cash flows relating to operational performance and working capital

CHAPTER 7: TAXATION
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7.1 Accounting policies relating to taxation
7.2 Significant judgements and assumptions made by management in applying the related accounting policies
7.3 Income tax (expense)/benefit
7.4 Reconciliation of tax rates
7.5 Deferred tax
7.6 Notes to the statements of cash flows relating to taxation
7.7 Tax effect of other comprehensive income

CHAPTER 8: BUSINESS ENVIRONMENT AND PORTFOLIO CHANGES
Add section
8.1 Accounting policies relating to business environment and portfolio changes
8.2 Significant judgements and assumptions made by management in applying the related accounting policies
8.3 Disposals of subsidiaries
8.4 Impairment charges of non-current assets

CHAPTER 9: ASSOCIATES AND JOINT ARRANGEMENTS
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9.1 Accounting policies relating to investments in associates and joint arrangements
9.2 Significant judgements and assumptions made by management in applying the related accounting policies
9.3 Income from investments in associates and joint ventures
9.4 Investments in associates and joint arrangements
9.5 Movement analysis of investments in associates and joint ventures
9.6 Summarised financial information of associates and joint ventures
9.7 Reconciliation of carrying amounts of investments in associates and joint ventures

CHAPTER 10: ASSETS
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10.1 Property, plant and equipment
10.2 Intangible assets
10.3 Financial assets
10.4 Other assets

CHAPTER 11: LEASES
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11.1 Accounting policies relating to leases
11.2 Judgements and assumptions made by management in applying the related accounting policies
11.3 Right-of-use assets
11.4 Lease liabilities

CHAPTER 12: FUNDING
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12.1 Debt
12.2 Equity

CHAPTER 13: PROVISIONS AND CONTINGENCIES
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13.1 Accounting policies relating to provisions and contingencies
13.2 Significant judgements and assumptions made by management in applying the related accounting policies
13.3 Provisions
13.4 Contingent liabilities and contingent assets

CHAPTER 14: PEOPLE
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14.1 Accounting policies relating to employee benefits
14.2 Significant judgements and assumptions made by management in applying the related accounting policies
14.3 Employee benefits
14.4 Retirement employee obligations
14.5 Directors' and prescribed officers' remuneration

CHAPTER 15: RELATED PARTIES
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15.1 Related-party transactions

CHAPTER 16: FINANCIAL INSTRUMENTS
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16.1 Accounting policies relating to financial instruments
16.2 Judgements and assumptions made by management in applying the related accounting policies
16.3 Financial instruments

CHAPTER 17: SUBSIDIARIES
Add section
17.1 Accounting policies relating to subsidiaries
17.2 Significant judgements and assumptions made by management in applying the related accounting policies
17.3 Transactions with subsidiaries
17.4 Summary of investments in subsidiaries
17.5 Summary of indebtedness by/(to) subsidiaries
17.6 Detailed analysis of investments in subsidiaries
17.7 Non-controlling interests

CHAPTER 18: COMPLIANCE
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18.1 Basis of preparation
18.2 Adoption of new, amended and revised standards and interpretations
18.3 Events after the reporting period

CHAPTER 19: ANNEXURES
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Annexure 1 Shareholder analysis
Annexure 2 Definitions
Annexure 3 Administration
Annexure 4 Shareholders' diary

ACRONYMS
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Acronyms