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|
Nature of
business1
|
| Country of
incorporation
|
| Percentage holding |
| Group |
| |
| At 31 December |
Note |
|
|
|
| 2020
% |
|
2019
% |
| 2020
Rm |
|
(Re-presented)
32019
Rm |
| |
| Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Associates |
|
|
|
|
|
|
|
|
| 18 594 |
|
15 928 |
| |
| SIOC4 |
| M |
| RSA |
| 20.62 |
|
20.62 |
| 12 820 |
|
9 835 |
| |
| Tronox SA |
| M |
| RSA |
| 26.00 |
|
26.00 |
| 2 628 |
|
2 472 |
| |
| RBCT |
| T |
| RSA |
| 10.26 |
|
10.36 |
| 2 053 |
|
2 067 |
| |
| Black Mountain3; 5 |
| M |
| RSA |
| 26.00 |
|
26.00 |
| 995 |
|
872 |
| |
| Insect Technology6 |
8.5 |
WC |
| UK |
| 25.85 |
|
25.86 |
|
|
| 534 |
| |
| LightApp |
| EN |
| Israel |
| 28.59 |
|
28.59 |
| 98 |
|
111 |
| |
| Curapipe7 |
8.5 |
R&D |
| Israel |
|
|
| 15.00 |
|
|
| 37 |
| |
| Tumelo8 |
| M |
| RSA |
|
|
| 49.00 |
|
|
|
|
| |
| GAM9 |
8.5 |
EN |
| RSA |
| 22.00 |
|
22.00 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Joint ventures |
|
|
|
|
|
|
|
|
| 1 412 |
|
1 574 |
| |
| Mafube |
| M |
| RSA |
| 50.00 |
|
50.00 |
| 1 412 |
|
1 335 |
| |
| Cennergi10 |
8.3 |
EN |
| RSA |
|
|
| 50.00 |
|
|
| 239 |
| |
|
|
|
| |
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total equity-accounted investments per statement of financial position |
9.5 |
|
|
|
|
|
|
|
| 20 006 |
|
17 502 |
| |
| Unincorporated joint operations |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Moranbah coal project |
| M |
| AUS |
| 50.00 |
|
50.00 |
|
|
|
|
| |
| Refer below for other balances relating to associates and JVs |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Included in non-current assets held-for-sale: |
8.4 |
|
|
|
|
|
|
|
| 1 880 |
|
1 741 |
| |
| Associates |
|
|
|
|
|
|
|
|
| 1 741 |
|
1 741 |
| |
| Listed: Tronox Holdings plc |
| M |
| UK |
| 10.26 |
|
10.38 |
| 1 741 |
|
1 741 |
| |
| Unlisted: Tumelo5 |
| M |
| RSA |
| 49.00 |
|
|
|
|
|
|
| |
| Loans to associates: Tumelo |
|
|
|
|
|
|
|
|
| 139 |
|
|
| |
| – Current gross |
|
|
|
|
|
|
|
|
| 170 |
|
|
| |
| – Current impairment allowances |
|
|
|
|
|
|
|
|
| (31) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Included in financial assets: |
10.2.2 |
|
|
|
|
|
|
|
|
|
| 133 |
| |
| Loans to associates: Tumelo |
|
|
|
|
|
|
|
|
|
|
| 133 |
| |
| – Current gross |
|
|
|
|
|
|
|
|
|
|
| 182 |
| |
| – Current impairment allowances |
|
|
|
|
|
|
|
|
|
|
| (49) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
Company |
| Fair value2 |
| Fair value
hierarchy
level
| Valuation
technique |
| At 31 December |
|
|
2020
Rm |
|
(Re-
presented)3
2019
Rm |
| 2020
Rm |
|
2019
Rm |
|
| |
| Unlisted |
|
|
|
|
|
|
|
|
|
|
| |
| Associates |
|
|
1 324 |
|
2 039 |
|
|
|
|
|
| |
| SIOC4 |
|
|
|
|
|
| 43 358 |
|
29 033 |
| 2 |
Adjusted
equity value |
| Tronox SA |
|
|
1 181 |
|
1 181 |
|
|
|
|
|
| |
| RBCT |
|
|
|
|
|
|
|
|
|
|
| |
| Black Mountain3; 5 |
|
|
|
|
|
|
|
|
|
|
| |
| Insect Technology6 |
|
|
|
| 674 |
|
|
|
|
|
| |
| LightApp |
|
|
143 |
|
143 |
|
|
|
|
|
| |
| Curapipe7 |
|
|
|
| 41 |
|
|
|
|
|
| |
| Tumelo8 |
|
|
|
|
|
|
|
|
|
|
| |
| GAM9 |
|
|
|
|
|
|
|
|
|
|
| |
| Joint ventures |
|
|
|
| 696 |
|
|
|
|
|
| |
| Mafube |
|
|
|
|
|
|
|
|
|
|
| |
| Cennergi10 |
|
|
|
| 696 |
|
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
| |
| Total equity-accounted investments per statement of financial position |
|
|
1 324 |
|
2 735 |
|
|
|
|
|
| |
| Unincorporated joint operations |
|
|
|
|
|
|
|
|
|
|
| |
| Moranbah coal project |
|
|
|
|
|
|
|
|
|
|
| |
| Refer below for other balances relating to associates and JVs |
|
|
|
|
|
|
|
|
|
|
| |
| Included in non-current assets held-for-sale: |
|
|
3 133 |
|
2 377 |
|
|
|
|
|
| |
| Associates |
|
|
3 133 |
|
2 377 |
|
|
|
|
|
| |
| Listed: Tronox Holdings plc |
|
|
3 133 |
|
2 377 |
|
|
|
|
|
| |
| Unlisted: Tumelo5 |
|
|
|
|
|
|
|
|
|
|
| |
| Loans to associates: Tumelo |
|
|
|
|
|
|
|
|
|
|
| |
| – Current gross |
|
|
|
|
|
|
|
|
|
|
| |
| – Current impairment allowances |
|
|
|
|
|
|
|
|
|
|
| |
| Included in financial assets: |
|
|
|
|
|
|
|
|
|
|
| |
| Loans to associates: Tumelo |
|
|
|
|
|
|
|
|
|
|
| |
| – Current gross |
|
|
|
|
|
|
|
|
|
|
| |
| – Current impairment allowances |
|
|
|
|
|
|
|
|
|
|
| |
| 1 |
M — Mining, EN — Energy, T — Export terminal, R&D — Research and development, WC — Waste conversion. |
| 2 |
Fair value represents the directors’ valuation at the reporting date. |
| 3 |
Refer note 18.3. |
| 4 |
The fair value of SIOC is determined by applying an adjusted equity valuation technique, based on the share price of KIO on 31 December 2020 of
R622.81 per share (31 December 2019: R417.05 per share), adjusted for a liquidity discount rate of 20% (2019: 20%). |
| 5 |
Black Mountain’s financial year end is 31 March and is therefore not co-terminous with that of Exxaro. Financial information has been obtained
from published information or management accounts as appropriate. |
| 6 |
On 31 December 2020, the investment in Insect Technology was impaired to a carrying value of nil. Refer note 8.5. |
| 7 |
The investment in Curapipe was sold on 9 November 2020 under a deferred compensation offer comprising a cash component of US$1 and a
contingent consideration receivable component. The contingent consideration receivable is dependent on the occurrence of certain transactions.
At 31 December 2020, the occurrence of these transactions was considered not to be probable, resulting in contingent consideration receivable
of nil. |
| 8 |
The investment in Tumelo was classified as a non-current asset held-for-sale on 31 December 2020. |
| 9 |
The investment in GAM was fully impaired in 2019. |
| 10 |
The additional 50% interest in Cennergi was acquired on 1 April 2020, from which date the subsidiaries have been consolidated. |
Restrictions
There are no significant restrictions on the ability of associates or JVs to transfer funds to Exxaro in the form of cash dividends, or to repay
loans or advances made by Exxaro.
Risks
Refer note 10.1.4 for details with regard to capital commitments relating to associates and JVs.
Refer note 16.3.4 for details with regard to loan commitments relating to associates and JVs.
Refer note 13.4 for details with regard to contingent liabilities relating to associates and JVs.
|
