| Voting power of non-controlling interests | ||||
| Subsidiaries with non-controlling interests | Nature of business | Principal place of business | 2023 % |
2022 % |
| Subsidiaries with equity shareholders: | ||||
| Eyesizwe | BEE structured entity | Gauteng | 75.14 | 75.14 |
| Tsitsikamma SPV1 | Renewable energy | Eastern Cape | 25.00 | 25.00 |
| Subsidiaries with share option holders: | ||||
| Amakhala SPV | Renewable energy | Eastern Cape | 5.00 | 5.00 |
| 1 | On 31 March 2022, the remaining 9% share option holder of Tsitsikamma SPV, exercised its share option becoming a true equity shareholder. |
| Profit allocated to NCI | OCI allocated to NCI | Dividends and distributions paid to NCI |
Accumulated NCI | ||||||||
| 2023 Rm |
2022 Rm |
2023 Rm |
2022 Rm |
2023 Rm |
2022 Rm |
2023 Rm |
2022 Rm |
||||
| Subsidiaries with equity shareholders: | 3 411 | 4 179 | 44 | 97 | (1 855) | (2 274) | 14 119 | 12 519 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Eyesizwe | 3 399 | 4 164 | 47 | 85 | (1 831) | (2 237) | 13 841 | 12 226 | |||
| Tsitsikamma SPV | 12 | 15 | (3) | 12 | (24) | (37) | 278 | 293 | |||
| Subsidiaries with share option holders: | (1) | 41 | 41 | ||||||||
| Tsitsikamma SPV | (1) | ||||||||||
| Amakhala SPV | 41 | 41 | |||||||||
| Total NCIs | 3 411 | 4 179 | 44 | 97 | (1 855) | (2 275) | 14 160 | 12 560 | |||
| NCI equity shareholders |
NCI share option holders |
Total NCI | ||||||||
| Movement analysis of NCI: | 2023 Rm |
2022 Rm |
2023 Rm |
2022 Rm |
2023 Rm |
2022 Rm |
||||
| At the beginning of the year | 12 519 | 10 412 | 41 | 136 | 12 560 | 10 548 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income | 3 455 | 4 276 | 3 455 | 4 276 | ||||||
| Share of profit for the year | 3 411 | 4 179 | 3 411 | 4 179 | ||||||
| Share of OCI for the year | 44 | 97 | 44 | 97 | ||||||
| Transactions with owners of subsidiary companies | (1 855) | (2 274) | (1) | (1 855) | (2 275) | |||||
| Dividends paid | (1 855) | (2 274) | (1 855) | (2 274) | ||||||
| Distribution to NCI share option holders | (1) | (1) | ||||||||
| Changes in ownership interest | 105 | (94) | 11 | |||||||
| Initial recognition of NCI equity shareholder1 | 105 | (94) | 11 | |||||||
| – Derecognise share option1 | (94) | |||||||||
| At the end of the year | 14 119 | 12 519 | 41 | 41 | 14 160 | 12 560 | ||||
| 1 | On 31 March 2022, the remaining 9% share option holder of Tsitsikamma SPV, exercised its share option becoming a true equity shareholder. |
The summarised financial information set out below relates to the subsidiaries in which NCI share.
| Tsitsikamma SPV | Eyesizwe | ||||
| At 31 December | 2023 Rm |
2022 Rm |
2023 Rm |
2022 Rm |
|
| Statements of financial position | |||||
| Non-current assets | 3 157 | 3 335 | 18 164 | 16 185 | |
| Current assets | 219 | 187 | 19 | 7 | |
| Total assets | 3 376 | 3 522 | 18 183 | 16 192 | |
| Non-current liabilities | 2 120 | 2 238 | |||
| Current liabilities | 135 | 106 | 3 | 1 | |
| Total liabilities | 2 255 | 2 344 | 3 | 1 | |
| Net assets | 1 121 | 1 178 | 18 180 | 16 191 | |
| Accumulated NCIs | 278 | 293 | 13 841 | 12 226 | |
| Tsitsikamma SPV | Eyesizwe | ||||
| For the year ended 31 December | 2023 Rm |
2023 Rm |
2023 Rm |
2023 Rm |
|
| Statements of comprehensive income | |||||
| Revenue | 557 | 514 | |||
| Net operating profit/(loss) | 250 | 219 | (5) | (1) | |
| Income from equity-accounted investments | 4 528 | 5 543 | |||
| Net (finance costs)/income | (180) | (166) | 1 | ||
| Income tax (expense)/benefit | (23) | 6 | |||
| Profit for the year | 47 | 59 | 4 523 | 5 542 | |
| Other comprehensive (loss)/income | (10) | 55 | 63 | 114 | |
| Total comprehensive income for the year | 37 | 114 | 4 586 | 5 656 | |
| Profit attributable to: | 47 | 59 | 4 523 | 5 542 | |
| Owners of the parent | 35 | 44 | 1 124 | 1 378 | |
| Non-controlling interests | 12 | 15 | 3 399 | 4 164 | |
| Other comprehensive (loss)/income attributable to: | (10) | 55 | 63 | 114 | |
| Owners of the parent | (7) | 43 | 16 | 29 | |
| Non-controlling interests | (3) | 12 | 47 | 85 | |
| Total comprehensive income attributable to: | 37 | 114 | 4 586 | 5 656 | |
| Owners of the parent | 28 | 87 | 1 140 | 1 407 | |
| Non-controlling interests | 9 | 27 | 3 446 | 4 249 | |
| Statements of cash flows | |||||
| Cash flows from operating activities | 218 | 208 | (3) | (1) | |
| Cash flows from investing activities | 2 446 | 2 979 | |||
| Cash flows from financing activities | (188) | (248) | (2 431) | (2 978) | |
| Net increase/(decrease) in cash and cash equivalents | 30 | (40) | 12 | ||
| Dividends paid to non-controlling interests: | (24) | (37) | (1 831) | (2 237) | |
IR