Expected credit loss movement analysis : | ||||||||
GROUP | ||||||||
2021 |
2020
|
|||||||
R ' m |
R ' m
|
|||||||
Stage 1 |
Stage 2 |
Stage 3 |
Total
|
Stage 1 |
Stage 2 |
Stage 3 |
Total
|
|
Allowance for expected |
( 48 ) |
( 54 ) |
( 30 ) |
( 132 ) |
( 36 ) |
( 49 ) |
( 19 ) |
( 104 ) |
credit losses |
||||||||
Opening balance |
( 36 ) |
( 49 ) |
( 19 ) |
( 104 ) |
( 25 ) |
( 57 ) |
( 8 ) |
( 90 ) |
New assets originated or purchased |
( 92 ) |
( 112 ) |
- |
( 204 ) |
( 357 ) |
- |
- |
( 357 ) |
Payments and assets derecognised |
82 |
124 |
7 |
213 |
317 |
4 |
1 |
322 |
Transfer to stage 1 |
8 |
( 45 ) |
( 32 ) |
( 69 ) |
( 37 ) |
33 |
- |
( 4 ) |
Transfer to stage 2 |
( 13 ) |
50 |
- |
37 |
65 |
( 38 ) |
- |
27 |
Transfer to stage 3 |
- |
- |
- |
- |
- |
- |
- |
- |
Amount written off |
- |
- |
- |
- |
- |
- |
1 |
1 |
Effect of modifications |
- |
( 5 ) |
( 4 ) |
( 9 ) |
1 |
( 1 ) |
( 1 ) |
( 1 ) |
Effect of changes in assumptions |
3 |
( 17 ) |
18 |
4 |
- |
10 |
( 12 ) |
( 2 ) |
GROUP | ||||||||
2021 |
2020 |
|||||||
R ' m |
R ' m |
|||||||
Current |
Debt in arrears |
Total |
Current |
Debt in arrears |
Total |
|||
Trade receivables |
2 957 |
58 |
3 015 |
2 659 |
80 |
2 739 |
||
Production accounts |
2 526 |
35 |
2 561 |
2 358 |
46 |
2 404 |
||
Current accounts |
431 |
23 |
454 |
301 |
34 |
335 |
||
Current portion of loans and other receivables |
291 |
46 |
337 |
330 |
68 |
398 |
||
Grain debtors |
156 |
- |
156 |
183 |
- |
183 |
||
Sundry receivables |
828 |
- |
828 |
519 |
- |
519 |
||
Less : allowance for impairment |
( 111 ) |
( 21 ) |
( 132 ) |
( 32 ) |
( 72 ) |
( 104 ) |
||
Total trade and other receivables |
4 121 |
83 |
4 204 |
3 659 |
76 |
3 735 |
||
11.6.1 Current receivables are accounts within current credit terms . | ||||||||
11.6.2 Debt in arrears are accounts outside current credit terms . | ||||||||
11.6.3 The allowance relating to debt in arrears is a specific allowance based on debtors handed over to the legal department . | ||||||||
11.7
As security for Senwes ’ short-term facilities with Absa Bank , all rights and interests in producer debtors and their underlying securities have been
| ||||||||
ceded and pledged to Absa Bank . The value of security ceded amounts to R3,6 billion ( 2020 : R3,7 billion ) as at year-end . | ||||||||
11.8 The carrying value read with the portfolio allowance approximates the fair value of trade and other receivables . |
GROUP | ||
2021 R ' m |
2020 R ' m |
|
Inventory held to satisfy firm sales |
10 |
105 |
Inventory held to satisfy firm sales represents inventory purchased to satisfy firm sales to the off-taker in respect of agricultural produce , which are payable | ||
by third parties on delivery of such agricultural produce to them . The price of such inventory is hedged on the South African Futures Exchange ( Safex ). | ||
Variations are also set off against these items . Inventory is measured at fair value , which is linked to the Safex price . |