SENWES ANNUAL FINANCIAL STATEMENTS 2022
Nedbank Ltd : The R650 million term loan from Nedbank , which was classified as current on 30 April 2021 , was settled on 31 May 2021 with the proceeds of a new term loan (" MTL 1a ") of R1,0 billion between Senwes Ltd and Nedbank . Interest is payable monthly in arrears for 71 months , with a bullet payment plus interest , in month 72 . The loan is secured by a cession of first covering mortgage bonds over the Senwes silos , using a special purpose vehicle , Senwes Securities ( Pty ) Ltd , and bears interest at a sub-prime-linked interest rate .
Senwes Ltd entered into a new medium-term loan facility (" MTL 1b ") of R465 million with Nedbank on 30 November 2021 . The loan will amortise over 72 months , payable monthly in arrears , of which 35 % amortising in the first 3 years and 65 % amortising in the last 3 years . The loan is secured by a cession of first covering mortgage bonds over the Suidwes silos , using a special purpose vehicle , Suidwes Securities ( Pty ) Ltd , and bears interest at a subprime-linked interest rate .
R55 million of these loans has been classified as current at year end .
Short-term portion of KLK Landbou Ltd ' s interest-bearing borrowings : Refer to note 7.2.3 for a description of the terms and conditions relating to the respective borrowings . The short-term portion amounts to R3 million ( 2021 : R6 million ).
Short-term portion of Agrinet ( Pty ) Ltd ' s interest-bearing borrowings : Refer to note 7.2.3 for a description of the terms and conditions relating to the respective borrowings . The short-term portion amounts to Rnil ( 2021 : R10 million ).
Short-term portion of PE-BEE Agri ( Pty ) Ltd ' s interest-bearing borrowings :
Refer to note 7.2.3 for a description of the terms and conditions relating to the respective borrowings . The short-term portion amounts to R3 million ( 2021 : Rnil ).
Commodity finance : The carrying value of the finance approximates the fair value of the underlying commodities . Commodities which are pledged as security are reflected in note 12 . Commodity finance bears interest at a sub-prime-linked rate and is capitalised monthly .
7.2.3 Non-current interest-bearing loans
GROUP 2022 R ' m
2021 R ' m
COMPANY 2022 R ' m Interest-bearing loans 1,409 90 1,398 - The cash flow movement is an inflow of R668 million ( group ) and R778 million ( company ). Non-cash flow items consist of a R650 million increase due to the settlement of a current interest-bearing loan during the year ( group and company ). ( 2021 : The cash flow movement is an outflow of R20 million ( group ) and Rnil ( company ). Non-cash flow items consist of a R650 million decrease due to a reclassification to current interest-bearing loans during the year ( group and company ) and a R90 million increase from the Suidwes Holdings ( Pty ) Ltd business combination ( group ) ( refer to note 6.1 )).
The group has the following non-current interest-bearing loans :
Senwes Ltd ( Nedbank ) Refer to note 7.2.2 for a description of the terms and conditions relating to the respective borrowings . The long-term portion amounts to R1 398 million . JD Implemente ( Pty ) Ltd ( Wesbank ) A loan of R2 million ( 2021 : R2 million ) is payable to the Tomlinson Family Trust . This loan is interest free , has no fixed repayment terms and is unsecured . The company also has a financing agreements with Wesbank to the amount of R1 million ( 2021 : R1 million ). The financing agreements bear interest at a prime-linked rate . KLK Landbou Ltd ( Wesbank ) The instalment sales agreement from Wesbank Ltd of R8 million bears interest at a prime-linked rate , and is repayable in monthly instalments which include interest . The long-term portion of the sales agreement amounts to R5 million . The mortgage loan and instalment sales agreement from The Standard Bank of SA Ltd were settled during the current financial year ( 2021 : A mortgage loan of R6 million and instalment sale agreements of R12 million were payable by KLK Landbou Ltd . The long-term portion of these loans amounted to R12 million ).
Agrinet ( Pty ) Ltd ( FNB ) The mortgage bond from First National Bank ( FNB ) was settled during the current financial year ( 2021 : A FNB mortgage bond of R85 million is repayable by Agrinet ( Pty ) Ltd over a period of five years and bears interest at a sub-prime-linked rate . The long-term portion of the loan amounts to R75 million ). PE-BEE Agri ( Pty ) Ltd ( Scientific Chemicals ) During the current year , PE-BEE Agri ( Pty ) Ltd (" Protek ") financed the purchase of registrations and trademarks from a supplier ( Scientific Chemicals ) in terms of a sales agreement which stipulates that the loan is interest free and payable in two equal instalments of R3 million during December 2022 and December 2023 ( long-term portion ).
2021 R ' m
7.2.4 Bank overdraft
GROUP 2022 R ' m
2021 R ' m
COMPANY 2022 R ' m Bank overdraft 89 473 10 512
Senwes Ltd The temporary overdraft facility ( R1 billion ) of R350 million ( utilised ) was settled in full on 31 July 2021 from proceeds of a new long-term loan entered into by Senwes Ltd and Nedbank . The temporary overdraft facility bore interest at a sub-prime-linked rate and was paid on a monthly basis .
At company level , the overdraft includes a utilised facility of R10 million ( 2021 : R162 million ) from ABSA Bank . The account is presented on a net cash basis at group level as part of the group facility .
2021 R ' m
40
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