Grainovation ( Pty ) Ltd (" Grainovation ") | ||
Senwes acquired an additional 50 % equity interest in Grainovation , which brings the investment to 100 %. Grainovation is a soft commodity logistics | ||
company . The acquisition amounted to R28 million , and was funded from normal operating cash flows . The effective date of acquisition was 1 November | ||
2019 . This transaction constitutes a business combination achieved in stages . | ||
GROUP | ||
R ' m | ||
Fair value of assets acquired and liabilities assumed 1 : |
A ….……………….......... |
53 |
Property , plant and equipment |
84 |
|
Inventory |
1 |
|
Trade and other receivables |
24 |
|
Trade and other payables |
( 58 ) |
|
Deferred tax liability |
( 9 ) |
|
Loans receivable |
11 |
|
Consideration paid 2
|
B …….……………......... |
54 |
Goodwill 3
|
C =( B-A )……………... |
1 |
1
The amounts recognised as of the acquisition date for each major class of assets acquired and liabilities assumed .
| ||
2 The consideration paid consists of the acquisition date fair value of the equity interest in Grainovation held immediately before the acquisition date ( R26 | ||
million ), and the fair value of consideration paid relating to the additional 50 % equity interest obtained . A gain of R2 million was recognised as a result of | ||
remeasuring to fair value the equity interest in Grainovation held before the business combination , and is included in the " share of ( loss )/ profit from joint | ||
ventures and associate " line in the statement of comprehensive income .
3
| ||
Goodwill arose in respect of , inter alia , the high profitability of the acquired business and synergies expected to arise after the group ’ s acquisition of the | ||
business . |
2021 |
2020 |
|||
Notes |
Number of |
Number of |
shares in |
Interest |
shares in |
Interest |
|
issue |
% |
issue |
% |
JD Implemente ( Pty ) Ltd |
6.3.1 |
1 000 |
50 |
1 000 |
50 |
|
KLK Landbou Ltd |
6.3.3 |
17 175 331 |
57.7 |
17 175 331 |
57.7 |
|
Suidwes Holdings ( Pty ) Ltd 1
|
6.3.4 |
53 291 256 |
100 |
- |
- |
|
Hinterland Holdings ( Pty ) Ltd 2
|
50 000 000 |
100 |
- |
100 |
||
Grainovation ( Pty ) Ltd |
1 000 |
100 |
1 000 |
100 |
||
Senwes Equip Holdings ( Pty ) Ltd 3
|
100 |
100 |
100 |
100 |
||
Senwes Agrowth ( Pty ) Ltd 4
|
1 000 |
73.5 |
1 000 |
73.5 |
||
Senwes Capital ( Pty ) Ltd |
11 054 |
100 |
11 054 |
100 |
||
Senwes Graanmakelaars ( Pty ) Ltd |
100 |
100 |
100 |
100 |
||
Senwes Mauritius Ltd 5
|
240 |
100 |
240 |
100 |
||
Senwes Share Incentive Scheme Trust 6
|
16.2 |
- |
100 |
- |
100 |
|
* Relates to investments held by the company ' s immediate subsidiary , Senwes Ltd . |