NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1 . SHARES PURCHASED IN SENWES LIMITED Agribel Holdings Limited ’ s shareholding in Senwes remained at 73,5 % during the year .
2 . NEW BUSINESS COMBINATIONS 2.1 SFL Holdings GmbH (“ SFL ”)
During the prior year , Senwes acquired the entire shareholding of SFL Holdings GmbH (“ SFL ”) in Germany . During the current year , Senwes provided the funding to SFL to acquire various shares and assets in agricultural businesses ( three John Deere dealerships , with six branches and sub-dealers ) in Germany .
As a result , Senwes gained control of the foreign companies and subsequently consolidated these companies and operations into the Senwes Group . The effective date of the foreign operations being consolidated into the Senwes Group is 1 July 2022 .
Preliminary fair value of assets acquired and liabilities assumed :
R ’ m
Preliminary fair value of assets acquired and liabilities assumed * A ….……………..... 370 Consideration paid B …..………….…... 474 Preliminary goodwill recognised on 1 July 2022 C ( B-A )........ 104
* The net assets recognised in the 31 October 2022 interim financial statements are based on a preliminary assessment of fair value , while the group finalises the fair value measurement of assets acquired and liabilities assumed . Assessment of further separately identifiable assets and / or liabilities is also in progress .
2.2 PE-BEE ( Pty ) Ltd (“ Protek ”)
During the year the group increased its shareholding in Protek by purchasing an additional 9 % of the non-controlling interest of Protek for R17 million , bringing the total shareholding to 60 %. The effective date of the transaction was 1 September 2022 . The transaction resulted in a change in ownership reserve of R8 million being recognised in the statement of changes in equity .
2.3 Staalmeester Agricultural Equipment ( Pty ) Ltd (“ Staalmeester ”)
Senwes purchased the remaining shares ( 25 %) in Staalmeester Agricultural Equipment ( Pty ) Ltd (“ Staalmeester ”) from the non-controlling shareholder for R10 million on 1 May 2022 . The transaction resulted in the change in ownership reserve being reduced by R2 million . Subsequently , Falcon Agricultural Equipment ( Pty ) Ltd (“ Falcon ”) acquired the total business operations of Staalmeester with effect from 1 May 2022 in terms of a disposal agreement .
The consolidated business operations of both parties , which deal in the importing and manufacturing of bespoke agricultural equipment , will lead to further unlocking of synergies within the group and avoid any possible duplication of services and expenses .
3 . DIVIDENDS
The board approved an interim dividend of 26 cents per share . Payment of the dividend will take place on 20 January 2023 . The last day of trading is 12 January 2023 . All shareholders registered in the shareholders register as at 13 January 2023 , will qualify for the dividend . Dividend withholding tax of 20 %, will be deducted where applicable .
8 AGRIBEL UNAUDITED INTERIM RESULTS OCTOBER 2022