Chapter 17: Subsidiaries

17.5 Summary of indebtedness by/(to) subsidiaries

		Company

		Gross carrying amount		Impairment allowances		Net carrying amount
At 31 December	Note	2025 Rm	2024 Rm	2025 Rm	2024 Rm	2025 Rm	2024 Rm
Indebtedness by subsidiaries
Non-current		4 485	2 500			4 485	2 500
Interest-bearing loans receivable1	10.3.2	4 485	2 500			4 485	2 500
Current		1 648	1 900	(69)	(406)	1 579	1 494
Interest-bearing loans receivable1	10.3.2	429	502			429	502
Non-interest-bearing loans receivable2	10.3.2	980	760	(62)	(59)	918	701
Interest-bearing treasury facilities receivable3		6	415	(6)	(346)		69
– ZAR treasury facilities receivable	10.3.2	6	415	(6)	(346)		69
Indebtedness by subsidiaries	6.2.3	233	223	(1)	(1)	232	222

Total indebtedness by subsidiaries		6 133	4 400	(69)	(406)	6 064	3 994
Indebtedness to subsidiaries
Current		(5 639)	(15 028)			(5 639)	(15 028)
Non-interest-bearing loans payable	12.1.7	(94)	(92)			(94)	(92)
Interest-bearing treasury facilities payable	12.1.7	(5 545)	(14 936)			(5 545)	(14 936)
– ZAR treasury facilities payable		(4 391)	(13 987)			(4 391)	(13 987)
– US$ treasury facilities payable		(1 154)	(949)			(1 154)	(949)


Total indebtedness to subsidiaries		(5 639)	(15 028)			(5 639)	(15 028)
Net indebtedness to subsidiaries		494	(10 628)	(69)	(406)	425	(11 034)

1 The credit risk relating to these subsidiary parties is considered very low and therefore seen as performing. There have been no changes to this assessment as these parties are continuously performing against contractual terms and are in a good liquidity position. The ECL has been considered to be immaterial.

2 Relates mainly to impairment allowances on Gravelotte Iron Ore Company Proprietary Limited of R54 million (2024: R53 million).

3 In 2025 the interest-bearing treasury facility with FerroAlloys of R66.3 million and with Ferroland of R375.5 million were capitalised as an additional investment and the impairment allowances on both were reversed. Relates to an impairment allowance on Ferroland Grondtrust Proprietary Limited of R346 million in 2024.

Terms and conditions of indebtedness

Non-interest bearing loans

The loans are unsecured, have no fixed terms of repayment and are repayable within one month of a demand notice.

Interest-bearing treasury facilities

Treasury facilities are unsecured, have no fixed terms of repayment and are repayable on demand. Interest is charged at money market rates.

Indebtedness (trade related)

Certain subsidiaries are charged corporate management service fees which are repayable within 30 days.

Interest-bearing loans receivable

Interest-bearing loans receivable, and their redemption profiles, comprise:

	Company

	Project funding loan receivable		Back-to-back loans receivable		Net carrying amount
At 31 December	2025 Rm	2024 Rm	2025 Rm	2024 Rm	2025 Rm	2024 Rm
Exxaro Coal Proprietary Limited1			4 529	3 002	4 529	3 002
Cennergi Holdings Proprietary Limited2	385				385
Total unsecured loans	385		4 529	3 002	4 914	3 002
Summary by financial year of redemption:
Less than six months			229	277	229	277
Six to 12 months			200	225	200	225
Between one and two years			400	2 500	400	2 500
Between two and three years			400		400
Between three and four years			400		400
Between four and five years			2 900		2 900
More than five years	385				385
Total unsecured loans	385		4 529	3 002	4 914	3 002

1 The back-to-back loans receivable have similar terms as agreed with external lenders (excluding the project financing) except for interest, which is charged based on 3-month JIBAR plus a margin. Refer note 12.1.4 for detailed terms and conditions of the external borrowings, excluding the project financing. The fixed margin percentage at the end of the reporting period on the back-to-back loans is summarised as follows:

Revolving credit facility: 2.40% (2024: 2.76%)

Bullet term loan facility: 2.20% (2024: 2.51%)

Amortised term loan facility: 2.05% (2024: 2.41%)

2 The project funding loan receivable bears interest at 12-month JIBAR and is repayable if and when funds are available but by no later than 31 December 2042.