Chapter 17Subsidiaries

			Voting power of non-controlling interests
Subsidiaries with non-controlling interests	Nature of business	Principal place of business	2024 %	2023 %
Subsidiaries with equity shareholders
Eyesizwe	BEE structured entity	Gauteng	75.14	75.14
Tsitsikamma SPV	Renewable energy	Eastern Cape	25.00	25.00
Amakhala SPV¹	Renewable energy	Eastern Cape	5.00
Subsidiaries with share option holders
Amakhala SPV¹	Renewable energy	Eastern Cape		5.00

¹	On 30 April 2024, the share option holders of Amakhala SPV exercised their share options becoming true equity shareholders.

	Profit allocated to NCI		OCI allocated to NCI		Dividends and distributions paid to NCI		Accumulated NCI
	2024 Rm	2023 Rm	2024 Rm	2023 Rm	2024 Rm	2023 Rm	2024 Rm	2023 Rm
Subsidiaries with equity shareholders	2 346	3 411	(26)	44	(1 935)	(1 855)	14 563	14 119
Eyesizwe	2 318	3 399	(22)	47	(1 893)	1 831)	14 243	13 841
Tsitsikamma SPV	25	12	(3)	(3)	(39)	(24)	263	278
Amakhala SPV	3		(1)		(3)		57
Subsidiaries with share option holders								41
Amakhala SPV								41

Total NCIs	2 346	3 411	(26)	44	(1 935)	(1 855)	14 563	14 160

	NCI equity shareholders		NCI share option holders		Total NCI
Movement analysis of NCI:	2024 Rm	2023 Rm	2024 Rm	2023 Rm	2024 Rm	2023 Rm
At beginning of the year	14 119	12 519	41	41	14 160	12 560
Total comprehensive income	2 320	3 455			2 320	3 455
Share of profit for the year	2 346	3 411			2 346	3 411
Share of OCI for the year	(26)	44			(26)	44
Transactions with owners of subsidiary companies	(1 935)	(1 855)			(1 935)	(1 855)
Dividends paid	(1 935)	(1 855)			(1 935)	(1 855)
Changes in ownership interest	59		(41)		18
Initial recognition of NCI equity shareholder¹	59		(41)		18
– Derecognise share option¹			(41)


At end of the year	14 563	14 119		41	14 563	14 160

¹	On 30 April 2024, the share option holders of Amakhala SPV exercised their share options becoming true equity shareholders.

The summarised financial information set out below relates to the subsidiaries in which NCI share.

	Amakhala SPV		Tsitsikamma SPV		Eyesizwe
At 31 December	2024 Rm	2023 Rm	2024 Rm	2023 Rm	2024 Rm	2023 Rm
Statements of financial position
Non-current assets	3 867		2 986	3 157	18 622	18 164
Current assets	359		229	219	47	19
Total assets	4 226		3 215	3 376	18 669	18 183
Non-current liabilities	2 857		1 993	2 120
Current liabilities	223		171	135	3	3
Total liabilities	3 080		2 164	2 255	3	3
Net assets	1 146		1 051	1 121	18 666	18 180
Accumulated NCIs	57		263	278	14 243	13 841

	Amakhala SPV		Tsitsikamma SPV		Eyesizwe
	For the 8 months ended 31 December		For the 12 months ended 31 December		For the 12 months ended 31 December
	2024 Rm	2023 Rm	2024 Rm	2023 Rm	2024 Rm	2023 Rm
Statements of comprehensive income
Revenue	580		611	557
Net operating profit/(loss)	287		308	250	(14)	(6)
Income from equity-accounted investments					3 098	4 528
Net (finance costs)/income	(178)		(168)	(180)	2	1
Income tax expense	(35)		(42)	(23)	(1)
Profit for the year	74		98	47	3 085	4 523
Other comprehensive (loss)/income	(31)		(11)	(10)	(29)	63
Total comprehensive income for the year	43		87	37	3 056	4 586
Profit attributable to:	74		98	47	3 085	4 523
Owners of the parent	71		73	35	767	1 124
Non-controlling interests	3		25	12	2 318	3 399
Other comprehensive (loss)/income attributable to:	(31)		(11)	(10)	(29)	63
Owners of the parent	(30)		(8)	(7)	(7)	16
Non-controlling interests	(1)		(3)	(3)	(22)	47
Total comprehensive income attributable to:	43		87	37	3 056	4 586
Owners of the parent	41		65	28	760	1 140
Non-controlling interests	2		22	9	2 296	3 446

Statements of cash flows
Cash flows from operating activities	115		284	218	(12)	(3)
Cash flows from investing activities					2 559	2 446
Cash flows from financing activities	(253)		(278)	(188)	(2 519)	(2 431)
Net (decrease)/increase in cash and cash equivalents	(138)		6	30	28	12
Dividends paid to non-controlling interests:	(3)		(39)	(24)	(1 893)	(1 831)