Notes to the consolidated and separate annual financial statements | Note 41

During the finalisation of the annual financial statements for the year ended 31 December 2025, the Company identified a prior period error relating to the classification of cash and cash equivalents under IAS 7: Statement of Cash Flows 7 and to enhance the breakdown of revenue from the Asian region, the Company has revised its regional revenue disclosure format for ferrochrome and chrome ore.

41.1 Prior period error – reclassification of cash deposits

The restatement does not affect the separate financial results of the Company. The restatement had no impact on earnings per share and headline earnings.

During the year, the Group identified that certain cash deposits of R361 million with the Glencore Central Treasury function for rehabilitation purposes was incorrectly classified as cash and cash equivalents in prior periods. As these deposits had a term of 120 days, they did not meet the definition of cash equivalents under IAS 7. In accordance with IAS 8, the comparative figures have been restated, and these amounts have been reclassified as short-term financial assets. Any related interest and foreign exchange impacts as a result of including this in cash and cash equivalents previously has been adjusted for accordingly in the statement of cash flows. The effect of the restatement is indicated below:

Statement of financial position

41.2 Prior period error – reclassification of finance income

During the year, the Group identified that finance income of R33 million earned on cash deposits with the Glencore Central Treasury function was incorrectly included in operating and other expenses in the statement of profit or loss in prior periods. In accordance with IAS 8, the comparative figures have been restated, and this income has been reclassified to finance income. The interest income relating to the financial asset held with Central Treasury was reclassified from EBITDA. The impact is as follows:

Statement of profit or loss and other comprehensive income

41.3 Prior period error – reclassification of cash held with Glencore Central Treasury

During the year, the Group identified that cash of R1 192 million held with the Glencore Central Treasury was incorrectly included in cash and cash equivalents in the prior year's cash flow statement. As this balance represents cash advances and loans to other parties, it should have been classified as an investing cash flow within investing activities in accordance with IAS 7. In line with IAS 8, the comparative figures have been restated to reflect this. Any related interest and foreign exchange impacts as a result of including this in cash and cash equivalents previously has been adjusted for accordingly in the statement of cash flows. The impact is as follows:

Statement of cash flows

41.4 Revenue restatement

As previously reported through a SENS announcement published on 31 March 2025, following engagement with the JSE subsequent to its review of Merafe's financial statements pursuant to the JSE's proactive monitoring review process, and to enhance the breakdown of revenue from the Asian region, the company has revised its regional revenue disclosure format for ferrochrome and chrome ore as follows:

Ferrochrome revenue disaggregation

Chrome ore revenue disaggregation