Exxaro's integrated report for the year ended 31 December 2023 is a value creation story for our stakeholders, particularly our shareholders and other providers of financial capital.
The report contains material information about our strategic decisions and operational performance for the period 1 January 2023 to 31 December 2023 (the 2023 financial year). It covers the financial and non‑financial information of our wholly owned and joint arrangements in South Africa, Europe and Australia.
The reporting boundary incorporates material information about the Cennergi group of companies (Cennergi). We consolidated material information about Cennergi Proprietary Limited's safety incidents into the group's results.
We include limited information on operations where we:
We distinguish the information to include in our reporting suite through a double materiality determination process, which identifies the matters that impact our ability to create enterprise value (financial materiality) and our impact on the environment, communities and society (impact materiality).
We group these material matters into themes that link to the resources we use and affect.
Only matters that could substantively affect our ability to create value in the short (one to five years), medium (six to 10 years) or long term (>11 years) are reported on in our integrated report. We understand, however, that sustainability issues can shift between impact and financial materiality. We therefore conduct an annual materiality determination process to assess this movement.
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Strategy |
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Business model |
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Operational performance |
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Material matters |
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Risks and opportunities |
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Governance |
(control and significant influence)
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Stakeholders |
All sustainability matters affected by or that affect Exxaro
All sustainability matters that reflect our significant impacts on the environment and people.
A sub-set of sustainability-related risks and opportunities that could substantively affect our ability to create value in the short, medium or long term.
Monetary amounts in the financial statements reflecting the effects on enterprise value that have already taken place at the reporting date, or are included in future cash flow projections.
ESG report
All stakeholders seeking to understand the entity's significant sustainability impacts
Integrated report
Investors, lenders and creditors seeking to assess enterprise value
Group and company annual financial statements
Summarised annual financial statements and notice of AGM
CMRR report
Primarily investors and
capital markets
All sustainability matters affected by or that affect Exxaro
All sustainability matters that reflect our significant impacts on the environment and people.
ESG report
All stakeholders seeking to understand the entity's significant sustainability impacts
A sub-set of sustainability-related risks and opportunities that could substantively affect our ability to create value in the short, medium or long term.
Integrated report
Investors, lenders and creditors seeking to assess enterprise value
Monetary amounts in the financial statements reflecting the effects on enterprise value that have already taken place at the reporting date, or are included in future cash flow projections.
Group and company annual financial statements
Summarised annual financial statements and notice of AGM
CMRR report
Primarily investors Dynamic materiality and capital markets
Our belief in sustainable value creation is inspired by carefully considering the relationship between the resources we use and affect and potential trade-offs in strategic decision making. We integrate the six capitals into our business model and strategy and continuously strive to positively contribute to, and negate any adverse impact on, these capitals.
Our approach to integrated thinking is translated into this report's value creation message, content and structure. This is supported by the information outlined in our ESG report, detailing our performance against our ESG commitments.
As part of embedding ESG into the business, we voluntarily endorse the United Nations (UN) 17 Sustainable Development Goals (SDGs). We also participate in the National Business Initiative in South Africa to align the 17 SDGs with the country's National Development Plan and implement leading practices to uphold the most material SDGs so that our business leaves a lasting positive impact. The SDGs that Exxaro materially impacts are highlighted in colour.
Our reporting suite is guided by and applies the following:
| IR | ESG | AFS | CMRR | |
| Materiality determination process | x | x | ||
| Integrated Reporting Framework | x | x | x | |
| Companies Act of South Africa, 2008 (Act 71 of 2008), as amended (Companies Act) | x | x | x | x |
| International Financial Reporting Standards (IFRS®) Accounting Standards* | x | x | x | |
| JSE Limited (JSE) Listings Requirements and Debt Listings Requirements | x | x | x | x |
| Department of Trade, Industry and Competition (dtic) Broad-based Black Economic Empowerment (B-BBEE) Codes of Good Practice | x | x | x | |
| The effective parts of the Broad-based Socio-economic Empowerment Charter for the Mining and Minerals Industry 2018 (Mining Charter III) | x | x | ||
| King IV Report on Corporate Governance™ for South Africa, 2016 (King IV)** | x | x | x |
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| South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition | x | x | x | x |
| Global Reporting Initiative standards (elements of the ESG report are cross‑referenced for a broader perspective) | x | x | ||
| United Nations Global Compact (UNGC) | x | x | ||
| Sustainability Accounting Standards Board | x | x | ||
| Task Force on Climate-Related Financial Disclosures (TCFD) recommendations*** | x | x |
| * | As issued by the International Accounting Standards Board. |
| ** | Copyright and trademarks are owned by the Institute of Directors South Africa and all of its rights are reserved. |
| *** | This now falls under the custodianship of the IFRS Foundation. |
KPMG provided independent reasonable assurance over key sustainability information in the ESG report. The assurance report is available here.
The board of directors (board) acknowledges its responsibility for ensuring the integrity of our reporting suite, including this integrated report, which was prepared in accordance with the Integrated Reporting Framework. The board believes the report addresses all of Exxaro's material matters and presents a balanced view of our strategy, business model and Exxaro's ability to create and preserve value over the short, medium and long term, as defined by the six capitals. The report remains the ultimate responsibility of the board, is prepared under the supervision of senior management and is subject to rigorous internal and external assurance reviews.
| Mvuleni Geoffrey Qhena | Dr Nombasa Tsengwa | Riaan Koppeschaar |
| Independent chairperson | CEO | Finance director |
| Geraldine Fraser-Moleketi | Karin Ireton | Ben Magara |
| Lead independent non-executive director | Independent non-executive director | Independent non-executive director |
| Billy Mawasha | Nondumiso Medupe | Dr Phumla Mnganga |
| Independent non-executive director | Independent non-executive director | Independent non-executive director |
| Nosipho Molope | Chanda Nxumalo | Peet Snyders |
| Independent non-executive director | Independent non-executive director | Independent non-executive director |
| Isaac Malevu | Likhapha Mbatha | Zwelibanzi Mntambo |
| Non-executive director | Non-executive director | Non-executive director |
| Mandlesilo Msimang | ||
| Non-executive director | ||
| 10 April 2024 |
Report Index
IR