Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2025
17.7.1 Composition and analysis of non-controlling interests
|
Voting power of |
||||
|---|---|---|---|---|
|
Subsidiaries with non-controlling interests |
Nature of business |
Principal place of business |
2025 % |
2024 % |
|
Subsidiaries with equity shareholders |
||||
|
Eyesizwe |
BEE structured entity |
Gauteng |
75.14 |
75.14 |
|
Tsitsikamma SPV |
Renewable energy |
Eastern Cape |
25.00 |
25.00 |
|
Amakhala SPV |
Renewable energy |
Eastern Cape |
5.00 |
5.00 |
|
Karreebosch SPV1 |
Renewable energy |
Northern Cape |
20.00 |
|
|
KAM2 |
Renewable energy |
Western Cape |
50.00 |
|
1 Minority shareholder of Karreebosch SPV that was acquired on 17 February 2025.
2 Minority shareholder of KAM that was acquired on 17 February 2025.
|
Profit allocated to NCI |
OCI allocated to NCI |
Dividends and distributions paid to NCI |
Accumulated NCI |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
|||||
|
Subsidiaries with equity shareholders |
||||||||||||
|
Eyesizwe |
2 264 |
2 318 |
(115) |
(22) |
(1 382) |
(1 893) |
15 010 |
14 243 |
||||
|
Tsitsikamma SPV |
27 |
25 |
(4) |
(3) |
(31) |
(39) |
255 |
263 |
||||
|
Amakhala SPV |
4 |
3 |
(1) |
(1) |
(6) |
(3) |
54 |
57 |
||||
|
Karreebosch SPV |
|
|
(45) |
|
|
|
(45) |
|
||||
|
KAM |
1 |
|
|
|
|
|
1 |
|
||||
|
Total NCIs |
2 296 |
2 346 |
(165) |
(26) |
(1 419) |
(1 935) |
15 275 |
14 563 |
||||
|
NCI equity shareholders |
NCI share option holders |
Total NCI |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Movement analysis of NCI |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
||||||
|
At beginning of the year |
14 563 |
14 119 |
|
41 |
14 563 |
14 160 |
||||||
|
Total comprehensive income |
2 131 |
2 320 |
|
|
2 131 |
2 320 |
||||||
|
Share of profit for the year |
2 296 |
2 346 |
2 296 |
2 346 |
||||||||
|
Share of OCI for the year |
(165) |
(26) |
(165) |
(26) |
||||||||
|
Transactions with owners of subsidiary companies |
(1 419) |
(1 935) |
|
|
(1 419) |
(1 935) |
||||||
|
Dividends paid |
(1 419) |
(1 935) |
(1 419) |
(1 935) |
||||||||
|
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 |
15 275 |
14 563 |
|
15 275 |
14 563 |
|||||||
1 On 30 April 2024, the share option holders of Amakhala SPV exercised their share options becoming true equity shareholders.
17.7.2 Summarised financial information of non-controlling interests
The summarised financial information set out below relates to the subsidiaries in which NCI share.
|
KAM |
Karree- bosch SPV |
Amakhala SPV |
Tsitsikamma SPV |
Eyesizwe |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
At 31 December |
2025 Rm |
2025 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
|||||
|
Statements of financial position |
|||||||||||||
|
Non-current assets |
|
2 602 |
3 671 |
3 867 |
2 840 |
2 986 |
19 709 |
18 622 |
|||||
|
Current assets |
2 |
287 |
318 |
359 |
257 |
229 |
14 |
47 |
|||||
|
Total assets |
2 |
2 889 |
3 989 |
4 226 |
3 097 |
3 215 |
19 723 |
18 669 |
|||||
|
Non-current liabilities |
|
3 018 |
2 605 |
2 857 |
1 865 |
1 993 |
|
|
|||||
|
Current liabilities |
1 |
65 |
305 |
223 |
212 |
171 |
3 |
3 |
|||||
|
Total liabilities |
1 |
3 083 |
2 910 |
3 080 |
2 077 |
2 164 |
3 |
3 |
|||||
|
Net assets/(liabilities) |
1 |
(194) |
1 079 |
1 146 |
1 020 |
1 051 |
19 720 |
18 666 |
|||||
|
Accumulated NCIs |
1 |
(45) |
54 |
57 |
255 |
263 |
15 010 |
14 243 |
|||||
|
KAM |
Karree- bosch SPV |
Amakhala SPV |
Tsitsikamma SPV |
Eyesizwe |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
10 months |
10 months |
12 months |
8 months |
12 months |
12 months |
||||||||
|
For the periods ended 31 December |
2025 Rm |
2025 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
|||||
|
Statements of comprehensive income |
|||||||||||||
|
Revenue |
16 |
|
787 |
580 |
623 |
611 |
|
|
|||||
|
Net operating profit/(loss) |
1 |
(2) |
373 |
287 |
303 |
308 |
(35) |
(14) |
|||||
|
Income from equity-accounted investments |
|
|
|
|
|
|
3 050 |
3 098 |
|||||
|
Net (finance costs)/income |
|
|
(267) |
(178) |
(150) |
(168) |
2 |
2 |
|||||
|
Income tax benefit/(expense) |
|
1 |
(34) |
(35) |
(45) |
(42) |
(1) |
(1) |
|||||
|
Profit/(loss) for the year |
1 |
(1) |
72 |
74 |
108 |
98 |
3 016 |
3 085 |
|||||
|
Other comprehensive loss |
|
(225) |
(18) |
(31) |
(15) |
(11) |
(154) |
(29) |
|||||
|
Total comprehensive income/(loss) for the year |
1 |
(226) |
54 |
43 |
93 |
87 |
2 862 |
3 056 |
|||||
|
Profit/(loss) attributable to: |
1 |
(1) |
72 |
74 |
108 |
98 |
3 016 |
3 085 |
|||||
|
Owners of the parent |
|
(1) |
68 |
71 |
81 |
73 |
752 |
767 |
|||||
|
Non-controlling interests |
1 |
|
4 |
3 |
27 |
25 |
2 264 |
2 318 |
|||||
|
Other comprehensive loss attributable to: |
|
(225) |
(18) |
(31) |
(15) |
(11) |
(154) |
(29) |
|||||
|
Owners of the parent |
|
(180) |
(17) |
(30) |
(11) |
(8) |
(39) |
(7) |
|||||
|
Non-controlling interests |
|
(45) |
(1) |
(1) |
(4) |
(3) |
(115) |
(22) |
|||||
|
Total comprehensive income/(loss) attributable to: |
1 |
(226) |
54 |
43 |
93 |
87 |
2 862 |
3 056 |
|||||
|
Owners of the parent |
|
(181) |
51 |
41 |
70 |
65 |
713 |
760 |
|||||
|
Non-controlling interests |
1 |
(45) |
3 |
2 |
23 |
22 |
2 149 |
2 296 |
|||||
|
Statements of cash flows |
|||||||||||||
|
Cash flows from operating activities |
2 |
(98) |
270 |
115 |
280 |
284 |
(33) |
(12) |
|||||
|
Cash flows from investing activities |
|
(2 401) |
|
|
|
|
1 839 |
2 559 |
|||||
|
Cash flows from financing activities |
|
2 559 |
(314) |
(253) |
(279) |
(278) |
(1 839) |
(2 519) |
|||||
|
Net increase/(decrease) in cash and cash equivalents |
2 |
60 |
(44) |
(138) |
1 |
6 |
(33) |
28 |
|||||
|
Dividends paid to non-controlling interests |
|
|
(6) |
(3) |
(31) |
(39) |
(1 382) |
(1 893) |
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