SENWES ANNUAL FINANCIAL STATEMENTS 2022
8.2 . Buy-back of shares During the 2022 financial year Senwes Capital ( Pty ) Ltd repurchased 3 337 395 shares from the market to increase treasury stock ( 2021 : Senwes Capital ( Pty ) Ltd repurchased 4 000 000 Senwes shares from Agribel Holdings Ltd to enable the Senwes repurchase above and a further 345 287 shares were repurchased from the market to increase treasury stock ).
8.3 . Unissued shares The company ' s total unissued shares amount to 400 327 450 shares ( 2021 : 400 327 450 shares ).
9 . Property , plant and equipment The carrying value of property , plant and equipment increased by R42 million ( 2021 : R984 million ). New capital amounting to R283 million ( 2021 : R188 million ) was spent , R152 million ( 2021 : R61 million ) of which was spent to increase operating capacity and R131 million ( 2021 : R127 million ) to maintain operating capacity .
Silos with a carrying value of R358 million ( 2021 : R353 million ) and a security support value of R2,4 billion ( 2021 : R2,1 billion ) serve as security for the non-current interest-bearing loans disclosed in note 7.2.3 .
10 . Share incentive scheme As at 30 April 2022 , the total treasury shares were 10 539 367 ( 2021 : 8 763 938 ), which represent 5,8 % ( 2021 : 4,8 %) of the total issued share capital . 6 588 146 ( 2021 : 5 585 968 ) of these shares are allocated towards the equity-settled share-based payment scheme . Details of the vesting dates and pricing are disclosed in note 16.2 of the financial statements .
11 . Shareholders Details of the shareholder structure are set out in the corporate governance report .
12 . Contingent liabilities Senwes guarantees an amount of R100 million ( 2021 : R100 million ) relating to the facility of Hinterland Holdings ( Pty ) Ltd .
As at 30 April 2022 , guarantees of R44 million ( 2021 : R40 million ) were held at ABSA Bank in favour of John Deere , Eskom Holdings , SARS and Transnet .
A letter of comfort to the value of R80 million was issued to Gavilon South Africa ( Pty ) Ltd and shall endure until 30 April 2023 . A letter of comfort to the value of R10 million was issued to Total South Africa ( Pty ) Ltd and shall endure until 31 October 2022 .
A letter of comfort to the value of R500 million was issued to confirm that Senwes has procured adequate funding to acquire three John Deere agencies in Germany . This letter of comfort shall endure until no longer than the end of August 2022 .
Claimants representing ex Suidwes customers issued summons against , Africum Commodities ( Pty ) Ltd (“ AC ”), for an amount of R65 million . AC has applied the proceeds from the sale of grain against debt of customer ( s ) but the Claimants claim that the proceeds must be repaid to the insolvent estate . AC denies any liability and the claim is being defended . AC has been advised that its defence ( s ) has good merits and the risk is the incurrence of legal costs . Due to the nature of the contingent liability , no certainty exists with regards to payouts to be made and the financial effect , as well as the timing , cannot be determined and no reimbursements are receivable .
13 . Covid-19 impact Refer to the integrated report for information relating to the impact of Covid-19 on the group and mitigating steps taken .
14 . Events after the reporting period 14.1 The acquisition of John Deere dealerships in Germany Senwes Ltd (" Senwes ") and its subsidiary Senwes Capital ( Pty ) Limited (“ Senwes Capital ”) acquired three John Deere dealerships and property in Germany for an aggregate purchase consideration of € 23,7 million which consideration is variable subject to the levels of operating capital and debt on the closing date of the acquisition . The acquisition is subject to the fulfilment of the suspensive conditions , before being capable of being implemented (“ the closing date ”). As soon as these conditions have been met and the acquisition implemented , a purchase price allocation (" PPA ") will be performed .
The acquisition is aligned to the Senwes strategic philosophy , specifically the strategic pillar of externalisation which brings further opportunities into alternative lower risk jurisdictions . A platform for growth will be created while increasing exposure to other major currencies and decreasing the exposure to the volatile rand .
The three dealerships , with six branches and sub-dealers , will be consolidated in one holding structure with the management and head office located at Sonnewalde , Germany , under the leadership of a local German and highly experienced management team .
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