Reviewed condensed group financial statements and unreviewed production and sales volumes information for the year ended 31 December 2014

NOTES TO THE REVIEWED CONDENSED GROUP FINANCIAL STATEMENTSfor the year ended 31 December

16.  

Non-current assets and liabilities held-for-sale  

 

Exxaro concluded a sale of asset agreement relating to the NCC operation with Universal in January 2014. The sale is conditional to section 11 approval required in terms of the Mineral and Petroleum Resources Development Act No 28 of 2002 for transfer of the new-order mining right from Exxaro Coal Mpumalanga Proprietary Limited to the new owners. On 31 December 2014, conditions precedent to the sales agreement with Universal had not been met. The NCC operation remains a non-current asset classified as held-for-sale on 31 December 2014.  

 

The NCC operation met the relevant recognition criteria to be classified as a non-current asset held-for-sale on 31 December 2013. The NCC operation does not meet the criteria to be classified as a discontinued operation since it does not represent a separate major line of business, nor does it represent a major geographical area of operation since it forms part of the Mpumalanga coal region which is reported as part of the commercial coal operating segment.  

 

The held-for-sale property, plant and equipment also includes farms in the Waterberg region, with a carrying amount of R25 million on 31 December 2014, which is expected to be sold in 2015.  

  The major classes of non-current assets and liabilities held-for-sale are as follows:  
    At 31 December  
    2014  
Reviewed  
Rm  
2013  
Audited  
Rm  
 

Assets  

   
  Property, plant and equipment   174   149  
  Deferred tax   65   90  
  Financial assets   73   67  
  Inventories   8   8  
  Trade and other receivables   8   4  
  – trade receivables   3    
  – non-financial instrument receivables   5   4  
  Current tax receivable     24  
  Total assets   328   342  
 

Liabilities  

   
  Non-current provisions   (158)  (144) 
  Post-retirement employee obligations   (4)  (3) 
  Trade and other payables   (21)  (39) 
  – trade payables   (11)  (20) 
  – other payables   (3)  (7) 
  – derivative instruments     (9) 
  – non-financial instrument payables   (7)  (3) 
  Current provisions   (40)  (39) 
  Current tax payable   (9)   
  Total liabilities   (232)  (225) 
  Net assets held-for-sale   96   117