| Group | Company | ||||
| At 31 December | 2024 Rm |
2023 Rm |
2024 Rm |
2023 Rm |
|
| The movements on deferred tax are as follows: | |||||
| At beginning of the year | (8 797) | (8 414) | 180 | 234 | |
| Items charged to profit or loss | 109 | (333) | 6 | (3) | |
| – Current year | 119 | (331) | 5 | (3) | |
| – Prior year | (10) | (2) | 1 | ||
| Items charged directly to equity | (53) | (84) | (32) | (51) | |
| – Share-based payments movement | (49) | (83) | (32) | (51) | |
| – Cash flow hedges | (3) | (1) | |||
| – Cost of hedging | (1) | ||||
| Items charged directly to other comprehensive income | 12 | 34 | |||
| – Cash flow hedges | 14 | 22 | |||
| – Cost of hedging | 2 | 3 | |||
| – Financial assets at FVOCI | (2) | 9 | |||
| – Retirement employee obligations | (2) | ||||
| At end of the year | (8 729) | (8 797) | 154 | 180 | |
| – Deferred tax asset | 197 | 206 | 154 | 180 | |
| – Deferred tax liability | (8 926) | (9 003) | |||
| At 31 December 2023 | |||
| Assets Rm |
Liabilities Rm |
Total net liability Rm |
|
| Property, plant and equipment | (11) | (9 365) | (9 376) |
| Customer contracts | (559) | (559) | |
| Right-of-use assets | (63) | (14) | (77) |
| Share-based payments | 104 | 70 | 174 |
| Other accruals and provisions | 61 | (72) | (11) |
| Bad debt reassessment | 6 | 6 | |
| Restoration provisions | 205 | 571 | 776 |
| Decommissioning provisions | 1 | 68 | 69 |
| Leave pay accrual | 9 | 59 | 68 |
| Retention payables | 25 | 25 | |
| Prepayments | (3) | (61) | (64) |
| Environmental rehabilitation funds | (12) | (662) | (674) |
| Income received in advance | 9 | 9 | |
| Inventories | 3 | 38 | 41 |
| Lease receivables | (11) | (11) | |
| Local tax losses carried forward | 166 | 897 | 1 063 |
| Revaluation of financial assets at FVOCI | (104) | (104) | |
| Retirement employee obligations | 48 | 48 | |
| Deferred tax assets not recognised or derecognised | (375) | (87) | (462) |
| Unclaimed donations | 22 | 22 | |
| Lease liabilities | 105 | 16 | 121 |
| Cash flow hedge reserves | 9 | 26 | 35 |
| Cost of hedging reserve | 3 | 3 | |
| Contributions to Exxaro ESOP Trust | 4 | 77 | 81 |
| Portfolio investments | |||
| Total | 206 | (9 003) | (8 797) |
| Group | |||||||
| Movement during the year | At 31 December 2024 | ||||||
| Recognised in profit or loss Rm |
Recognised in OCI Rm |
Recognised directly in equity Rm |
Assets Rm |
Liabilities Rm |
Total net liability Rm |
||
| Property, plant and equipment | 54 | (3) | (9 319) | (9 322) | |||
|---|---|---|---|---|---|---|---|
| Customer contracts | 44 | (515) | (515) | ||||
| Right-of-use assets | 3 | (55) | (19) | (74) | |||
| Share-based payments | 9 | (49) | 72 | 62 | 134 | ||
| Other accruals and provisions | 83 | 47 | 25 | 72 | |||
| Bad debt reassessment | 19 | 25 | 25 | ||||
| Restoration provisions | (124) | 14 | 638 | 652 | |||
| Decommissioning provisions | 27 | 1 | 95 | 96 | |||
| Leave pay accrual | 6 | 9 | 65 | 74 | |||
| Retention payables | 1 | 24 | 25 | ||||
| Prepayments | (2) | (2) | (64) | (66) | |||
| Environmental rehabilitation funds | (64) | (11) | (727) | (738) | |||
| Income received in advance | 9 | 18 | 18 | ||||
| Inventories | 3 | 2 | 42 | 44 | |||
| Lease receivables | 3 | (8) | (8) | ||||
| Local tax losses carried forward | (232) | 88 | 743 | 831 | |||
| Revaluation of financial assets at FVOCI | (2) | (106) | (106) | ||||
| Retirement employee obligations | 3 | (2) | 49 | 49 | |||
| Deferred tax assets not recognised or derecognised | 321 | (77) | (64) | (141) | |||
| Unclaimed donations | (19) | 3 | 3 | ||||
| Lease liabilities | (5) | 95 | 21 | 116 | |||
| Cash flow hedge reserves | (13) | 14 | (3) | 9 | 24 | 33 | |
| Cost of hedging reserve | 2 | (1) | 4 | 4 | |||
| Contributions to Exxaro ESOP Trust | (14) | 3 | 64 | 67 | |||
| Portfolio investments | (2) | (2) | (2) | ||||
| Total | 109 | 12 | (53) | 197 | (8 926) | (8 729) | |
| Company | ||||||
| At 31 December 2023 |
Movement during the year |
At 31 December 2024 |
||||
| Total asset Rm |
Recognised in profit or loss Rm |
Recognised directly in equity Rm |
Total asset1 Rm |
|||
| Property, plant and equipment | (14) | 8 | (6) | |||
|---|---|---|---|---|---|---|
| Right-of-use assets | (67) | 12 | (55) | |||
| Share-based payments | 104 | (32) | 72 | |||
| Other accruals and provisions | 21 | 16 | 37 | |||
| Bad debt reassessment | 1 | 1 | ||||
| Restoration provisions | 14 | 14 | ||||
| Leave pay accrual | 7 | 1 | 8 | |||
| Retention payables | 1 | 1 | ||||
| Environmental rehabilitation funds | (10) | (1) | (11) | |||
| Prepayments | (2) | 1 | (1) | |||
| Lease liabilities | 103 | (11) | 92 | |||
| Calculated losses | 21 | (21) | ||||
| Contributions to Exxaro ESOP Trust | 3 | (1) | 2 | |||
| Total | 180 | 6 | (32) | 154 | ||
| 1 | The deferred tax asset recognised for the company is supported by sufficient forecast profits to be utilised. The forecast profits are based on agreements in place with commodity businesses within Exxaro. |
| Group | ||
| At 31 December | 2024 Rm |
2023 Rm |
| Deferred tax assets not recognised, relating to: | ||
| Local accumulated tax losses | (140) | (237) |
| Current year tax losses calculated | (30) | (42) |
At 31 December 2024, Exxaro estimated that there would be no tax losses in Switzerland. Revenue tax losses of R420 million (AU$36 million) and R3 345 million capital losses (AU$286 million) are estimated to be available, but not verified in Australia. Revenue tax losses of R3 078 million are carried forward and are available for offset against any future taxable profits of the relevant companies in South Africa.
In total, as at 31 December 2024, deferred tax assets have been recognised of R691 million related to South Africa for tax losses carried forward, in the consolidated financial statements of the group at the applicable income tax rate of 27%. In addition, no deferred tax assets have been recognised in respect of R140 million in South Africa as it is not considered probable that there will be future taxable profits available. No deferred tax assets have been recognised or derecognised in the consolidated financial statements of the group relating to Australia or Switzerland.
IR