Notes to the Consolidated and Separate Annual Financial Statements | Note 5

5. Investment in subsidiaries
 

The following table lists the entities controlled by the group, either directly or indirectly through subsidiaries.

Company

  Issued share capital        
Directly held Number
of shares
2023		 Number
of shares
2022		 Percentage
holding
2023 		Percentage
holding
2022		 Carrying  
amount  
2023*		 Carrying  
amount  
2022*
Merafe Chrome and Alloys – 200 – % 100% –   –  
Merafe Ferrochrome 400 400 100% 100% –   –  
          –   –  

The Company's share in the profits of subsidiaries for the year ended 31 December 2023 amounted to R1 769m (2022: R1 422m).

Merafe Chrome and Alloys became a dormant entity following the unbundling of the Group structure in 2019. The entity was deregistered in 2023. The substance of the restructure was deemed to be a return of capital due to the deregistration of the dormant entity after the distribution as per IFRS 9 requirements. This resulted in the return of investment in Merafe Chrome and Alloys to Merafe Resources.

* Less than R1,000

Controlled entities

Merafe Kroondal Rehabilitation Trust is consolidated as a controlled entity of the Company.

Refer to note 1.3 for further details on the consolidation of controlled entities. There have been no significant changes in the nature and risks associated with this entity.

Trust with different reporting dates

The end of the reporting year of Merafe Kroondal Rehabilitation Trust is 28 February. The financial information used in the consolidation of the results is as at 31 December 2023. In reporting the financial information for the Trust, information from 1 January 2023 to 31 December 2023 has been reported using management accounts.