SENWES ANNUAL FINANCIAL STATEMENTS 2022
1 During the prior period Senwes acquired a 100 % interest in Suidwes Holdings ( Pty ) Ltd (" Suidwes "), which operates as a group of companies in the agricultural sector , with the effective date being 31 October 2020 . Refer to note 6.1 for further details . 2 During the prior period Senwes acquired an additional 50 % share interest in Hinterland Holdings ( Pty ) Ltd (" Hinterland "), which brought the investment to 100 %,
with the effective date being 1 October 2020 . Refer to note 6.1 for further details . 3 Senwes Equip Holdings ' share capital amounts to R100 . 4 The discounted loans to Senwes Equip Holdings originated due to the nature of these loans ( refer to note 7.1.2 ), being interest free and repayment terms will
only be negotiated after five years , a portion of these loans , R17 million at inception , was classified as investments . 5 Senwes Agrowth ( Pty ) Ltd is the holding company of Tradevantage Grain ( Pty ) Ltd (" Tradevantage ") and consists of equity and an investment of R100 .
Thobo Trust holds a 26,5 % interest in Senwes Agrowth ( Pty ) Ltd . No non-controlling interest is accounted for as the trust is ring-fenced as a special purpose vehicle and therefore consolidated . Profits are to be used for social development activities per the trust agreement . 6 Senwes is in the process of deregistering the business of Senwes Mauritius .
7 Senwes Share Incentive Scheme Trust was established as a vehicle for the equity-settled share-based payment scheme . During the year 1 824 038 shares ( 2020 : 2 336 868 shares ) vested under the LTI scheme and 381 219 shares ( 2020 : 376 371 shares ) were repurchased from the participants of the scheme . 8 Senwes indirectly holds a 100 % share in Agri Credit Solutions ( Pty ) Ltd (" ACS ") through Suidwes Holdings ( Pty ) Ltd (" Suidwes Holdings "), which holds 83,3 % in
ACS , while Senwes holds the remainder 16,7 %. 9 Senwes indirectly holds a 100 % share in Agrifriend Equipment ( Pty ) Ltd (" Agrifriend Equipment ") through Africum Ltd (" Africum ") ( 10 %) and Senwes Equipment
( 90 %).
6.3 Financial information of subsidiaries
Only subsidiaries with significant non-controlling interest will be disclosed . The following is the financial information of the subsidiaries with significant noncontrolling interest . A full list of subsidiaries is available for inspection at the registered office of the company .
Summarised non-controlling interest balances : Non-controlling interest of subsidiaries that are individually significant and separately disclosed 421 365 Non-controlling interest of subsidiaries that are not individually significant - 12 Non-controlling interest relating to group equity adjustments 3 ( 1 ) Total non-controlling interest 424 376
Summarised non-controlling interest movement : Individually disclosed subsidiaries Non-controlling interest share in profit or loss 70 74 Dividends paid to non-controlling shareholders ( 12 ) ( 12 ) Non-controlling interest relating to group profit or loss adjustments ( 3 ) ( 2 ) Subsidiaries not individually significant to disclose Non-controlling interest share in profit or loss - ( 3 ) Change in ownership
2022 R ' m
2021 R ' m
( 7 ) ( 8 ) Total non-controlling interest movement 48 49
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