Senwes Annual Financial Statements 2022 | Page 39

7.1.2 Other loans receivable

SENWES ANNUAL FINANCIAL STATEMENTS 2022

GROUP 2022 R ' m

2021 R ' m

COMPANY 2022 R ' m

Current assets

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The loans to Bastion Lime ( Pty ) Ltd are unsecured , bear interest at prime-linked rates and are repayable in monthly instalments . The loans to JD Implemente ( Pty ) Ltd are secured by bonds over properties in George , Bredasdorp and Swellendam as well as a cession over trade receivables and a cession over shares that are held by Tomlinson Family Trust . The loans bear interest at prime-linked rates and are repayable in various monthly instalments . The two loans to Senwes Equip Holdings ( Pty ) Ltd are unsecured , interest-free and these loans ( proportionately classified as a loan receivable and an investment in subsidiary , refer to note 6.2 ) are not repayable before 1 October 2023 and 1 November 2024 , respectively . The parties to these loans will negotiate repayment terms before the end of the aforementioned periods . These loans were provided to Senwes Equip Holdings ( Pty ) Ltd for the purpose of acquiring Staalmeester Agricultural Equipment ( Pty ) Ltd and Falcon Agricultural Equipment ( Pty ) Ltd , respectively . The loan to Hinterland Holdings ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand .

The loan to Staalmeester Agricultural Equipment ( Pty ) Ltd is unsecured , bears interest at a prime linked-rate and is repayable annually . The final settlement was paid on 30 September 2021 . Although Thobo Trust holds a 26,5 % interest in Senwes Agrowth ( Pty ) Ltd , no non-controlling interest is accounted for . Profits are to be used for social development activities as per the trust agreement . The trust is ring-fenced as a special purpose vehicle and therefore consolidated . The loan to Thobo Trust is unsecured , bears interest at a prime-linked rate and has no fixed repayment terms . The loan was subject to a subordination agreement . The loan to Senwes Equipment ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand . During the prior year , the loan was transferred to Agrifriend Equipment ( Pty ) Ltd with the same terms . Refer to note 6.1 . The loan to Agri Credit Solutions ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand . The loan to Africum ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand . The loan to Africum Agripet ( Pty ) Ltd is unsecured , interest-free and is repayable on demand . The loan to NviroTek ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand . The loan to Agrinet ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand . The loan to Falcon Agricultural Equipment ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is amortised over four years .

The term loan to Suidwes Investments ( Pty ) Ltd is secured , bears interest at a prime-linked rate and is repayable on demand . The loan is secured by properties , debtors , inventory and investments with an estimated realisable value of R750 million . The loan to Kathleho Investments ( Pty ) Ltd is secured by shares held , interest-free and is repayable on demand . The loan to Kimama Investments ( Pty ) Ltd is secured by shares held , interest-free and is repayable on demand . The loan to Mafabatho Family Farming Enterprise ( Pty ) Ltd is unsecured , interest-free and is repayable on demand . The loan to Supreme Petfood ( Pty ) Ltd is secured by a cession of debtors and pledge of inventory , bears interest at a primed-linked rate and is repayable on demand .

2021 R ' m

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