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EXX02 - Availability of the audited group annual financial statements for the year ended 31 December 2017
EXXARO RESOURCES LIMITED
(Incorporated in the Republic of South Africa
(Registration number: 2000/011076/06)
Bond Code: EXX02
ISIN Code: ZAG000115965
(“Exxaro” or the “company”)
AVAILABILITY OF THE AUDITED GROUP ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2017
In terms of section 7.4 of the Debt Listings Requirements of the JSE Limited, investors are advised that the
Exxaro audited group annual financial statements for the year ended 31 December 2017 are available for
viewing and downloading from the company’s website: www.exxaro.com/investors/investor-reports.
The annual integrated report, updated analyst results presentation, supplementary report and mineral
resources and reserves statement for the year ended 31 December 2017 are also available on the
company’s website.
RE-PRESENTATION AND RESTATEMENT OF COMPARATIVE INFORMATION
Group
The prior year results as per the group statement of comprehensive income (and related notes) has been re-
presented as a result of:
- The investment in Tronox Limited being identified as a discontinued operation (refer note 7.1.4)
- Total comprehensive income for 2016 of R5 142 million decreasing with R401 million to R4 741 million to
reflect the recycling of foreign translation differences to profit or loss. In the prior year such reclassification
was recycled directly through equity.
Company
Re-presentation
The prior year results as per the company statement of comprehensive income (and related notes) have
been re-presented as a result of:
- The investment in Tronox Limited being identified as a discontinued operation (refer note 7.1.4).
Restatement
The company statement of financial position (and related notes) and the company statement of changes in
equity have been restated to show the impact of an error which has been identified.
Exxaro Holdings Congo Proprietary Limited (Exxaro Holdings Congo), previously named Exxaro Holdings
Sands Proprietary Limited, a wholly owned subsidiary of Exxaro, was liquidated during 2017. On liquidation,
it was identified that the investment should have been impaired in a prior reporting period. In 2012, an
impairment indicator arose as a result of Exxaro Holdings Congo declaring a dividend to Exxaro subsequent
to the divestment from the mineral sands operations. An impairment charge of R1 801 million should have
been recognised at that point in time as the recoverable amount of the investment was R69 million.
This restatement had no impact on the group.
The error has been corrected by restating each of the affected financial statement line items for the prior year
as follows:
31 December 2016 Adjustment 31 December 2016
(Previously Rm (Restated)
presented) Rm
Rm
Statement of financial position
Non-current assets 26 155 (1 801) 24 354
Investment in subsidiaries 10 967 (1 801) 9 166
Total assets 32 103 (1 801) 30 302
Retained earnings 12 019 (1 801) 10 218
Equity attributable to owners of the parent 12 830 (1 801) 11 029
Total equity 12 830 (1 801) 11 029
Total equity and liabilities 32 103 1 801 30 302
Statement of changes in equity
Retained earnings
At 31 December 2015 9 777 (1 801) 7 976
At 31 December 2016 12 019 (1 801) 10 218
Total equity
At 31 December 2015 13 843 (1 801) 12 042
At 31 December 2016 12 830 (1 801) 11 029
Company
31 December 2015 Adjustment 31 December 2015
(Previously Rm (Restated)
presented) Rm
Rm
Statement of financial position
Non-current assets 24 786 (1 801) 22 985
Investment in subsidiaries 9 300 (1 801) 7 499
Total assets 27 823 (1 801) 26 022
Retained earnings 9 777 (1 801) 7 976
Equity attributable to owners of the parent 13 843 (1 801) 12 042
Total equity 13 843 (1 801) 12 042
Total equity and liabilities 27 823 1 801 26 022
Statement of changes in equity
Retained earnings
At 31 December 2014 11 735 (1 801) 9 934
At 31 December 2015 9 777 (1 801) 7 976
Total equity
At 31 December 2014 15 665 (1 801) 13 864
At 31 December 2015 13 843 (1 801) 12 042
The corresponding notes to the company annual financial statements have accordingly been restated as
follows:
Note 17.3 Investments in subsidiaries
31 December 2016 Adjustment 31 December 2016
(Previously Rm (Restated)
disclosed) Rm
Rm
Shares at cost less impairment losses 4 948 (1 801) 3 147
Per statement of financial position 10 967 (1 801) 9 166
Note 17.5 Detailed analysis of investments in subsidiaries
Company
31 December 2016 Adjustment 31 December 2016
(Previously R (Restated)
disclosed) R
R
Exxaro Holdings Congo Proprietary Limited 1 869 951 859 (1 801 266 056) 68 685 803
Total direct investments in subsidiaries 4 948 300 232 (1 801 266 056) 3 147 034 176
Total investment in subsidiaries 4 948 300 232 (1 801 266 056) 3 147 034 176
Johannesburg
30 April 2018
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Date: 30/04/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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