SENWES ANNUAL FINANCIAL STATEMENTS 2022
6.3.3 KLK Landbou Ltd
Senwes has a 57,75 % ( 2021 : 57,67 %) interest in KLK Landbou Ltd (“ KLK ”), and it is therefore accounted for as a subsidiary . KLK is a group of companies in the agricultural sector . The group ' s focus areas are agricultural retail , fuels and associated products , meat trading through abattoirs , various car dealerships , livestock , the processing and exporting of sheep skins and cattle hides and the trading , processing and packaging of raisins and raisin products in the Orange River area , mainly for the export market . The company has a February financial year-end . KLK is therefore consolidated two months in arrears in comparison with the financial results and financial position of the Senwes Group . Financial adjustments deemed significant are , however , made to the financial statements of the group relating to the months of March and April . The registered office of the company is in Upington , South Africa .
The following is the summarised financial information :
Financial position Non-current assets 383 367 Current assets , excluding bank and cash 722 607 Cash and cash equivalents 24 36 Trade payables
2022 R ' m
2021 R ' m
( 305 ) ( 301 ) Current financial liabilities , excluding trade payables ( 100 ) ( 64 ) Non-current liabilities Non-controlling interest
( 66 ) ( 70 )
( 99 ) ( 90 ) Equity attributable to subsidiary 559 485 Attributable to : Equity holders of the parent 322 280 Non-controlling interest 237 205 Non-controlling interest relating to group equity adjustments ( 6 ) ( 3 )
Financial results Revenue 2,542 2,322 Cost of sales
( 2,039 ) ( 1,812 ) Other income 27 28 Depreciation Expenses Finance costs
( 30 ) ( 24 ) ( 368 ) ( 351 )
( 5 ) ( 8 ) Profit before tax 127 155 Tax Non-controlling interest
( 38 ) ( 47 )
( 13 ) ( 27 ) Profit after tax 76 81 Non-controlling interest share in profit or loss 32 33 Non-controlling interest relating to group profit or loss adjustments ( 3 ) ( 2 ) Dividends paid to non-controlling shareholders ( 4 ) ( 6 ) Change in ownership
Summarised cash flows are as follows :
- ( 12 )
( Used in )/ generated from operating activities ( 82 ) 72 Used in investing activities Used in financing activities
( 46 ) ( 134 ) ( 19 ) ( 11 )
Net decrease in cash flows ( 147 ) ( 73 )
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