Agribel Annual Financial Review | Page 32

AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
6.3.3 KLK Landbou Ltd
Senwes has a 57,67 % interest in KLK Landbou Ltd (“ KLK ”), and it is therefore accounted for as a subsidiary . KLK is a group of companies in the agricultural sector . The group ' s focus areas are agricultural retail , fuels and associated products , meat trading through abattoirs , various car dealerships , livestock , the processing and exporting of sheep skins and cattle hides and the trading , processing and packaging of raisins and raisin products in the Orange River area , mainly for the export market . The company has a February financial year-end . KLK is therefore consolidated two months in arrears in comparison with the financial results and financial position of the Senwes Group . Financial adjustments deemed significant are , however , made to the financial statements of the group relating to the months of March and April . The registered office of the company is in Upington , South Africa . Refer to note 6.2 for more details regarding the acquisition during the prior year .
The following is the summarised financial information : 2021 R ' m
2020 R ' m
Financial position Non-current assets
367
340
Current assets , excluding bank and cash
607
744
Cash and cash equivalents
36
93
Trade payables
( 301 )
( 356 )
Current financial liabilities , excluding trade payables
( 64 )
( 194 )
Non-current liabilities
( 70 )
( 71 )
Non-controlling interest
( 90 )
( 140 )
Equity attributable to subsidiary
485
416
Attributable to : Equity holders of the parent
280
240
Non-controlling interest
205
176
Non-controlling interest relating to group equity adjustments
( 3 )
( 1 )
Financial results Revenue
2 322
2 524
Cost of sales
( 1 812 )
( 2 043 )
Other income
28
9
Depreciation
( 24 )
( 16 )
Expenses
( 351 )
( 393 )
Finance costs
( 8 )
( 8 )
Profit before tax
155
73
Tax
( 47 )
( 21 )
Non-controlling interest
( 27 )
( 19 )
Profit after tax
81
33
Non-controlling interest share in profit or loss
33
14
Non-controlling interest relating to group profit or loss adjustments
( 2 )
-
Dividends paid to non-controlling shareholders
6
5
Change in ownership
( 12 )
1
Summarised cash flows are as follows : Generated from operating activities
72
20
Used in investing activities
( 134 )
( 19 )
Used in financing activities
( 11 )
( 18 )
Net increase in cash flows
( 73 )
( 17 )
30 AGRIBEL ANNUAL FINANCIAL REVIEW 2021 Agribel Holdings Limited Reg nr : 1996 / 017629 / 06