Senwes Annual Financial Statements 2022 | Page 49

SENWES ANNUAL FINANCIAL STATEMENTS 2022
COMPANY
2022
2021
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Allowance for expected credit losses
( 4 )
-
( 16 )
( 20 )
( 4 )
-
( 24 )
( 28 )
Opening balance
( 4 )
-
( 24 )
( 28 )
( 36 )
( 49 )
( 13 )
( 98 )
New assets originated or purchased
-
-
-
-
-
-
-
-
Payments and assets derecognised
3
-
12
15
32
49
4
85
Transfer to stage 1
-
-
-
-
-
-
( 23 )
( 23 )
Transfer to stage 2
-
-
-
-
-
-
-
-
Transfer to stage 3
-
-
-
-
-
-
-
-
Amount written off
-
-
-
-
-
-
-
-
Effect of modifications
( 3 )
-
-
( 3 )
-
-
-
-
Effect of changes in assumptions
-
-
( 4 )
( 4 )
-
-
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11.6 Trade and other receivables can be summarised as follows :
Current R ' m
2022 Debt in arrears
R ' m
GROUP
Total R ' m
Current R ' m
2021 Debt in arrears
R ' m
Trade receivables
3,421
40
3,461
2,957
58
3,015
Production accounts
2,853
22
2,875
2,526
35
2,561
Current accounts
568
18
586
431
23
454
Current portion of loans and other receivables
296
34
330
291
46
337
Grain debtors
147
-
147
156
-
156
Sundry receivables
614
-
614
828
-
828
Less : allowance for impairment
( 152 )
1
( 151 )
( 111 )
( 21 )
( 132 )
Total trade and other receivables
4,326
75
4,401
4,121
83
4,204
11.6.1 Current receivables are accounts within current credit terms . 11.6.2 Debt in arrears is accounts outside current credit terms . 11.6.3 The allowance relating to debt in arrears is a specific allowance based on debtors handed over to the legal department .
Total R ' m
11.7
As security for Senwes ’ short-term facilities with Absa Bank , all rights and interests in producer debtors and their underlying securities have been ceded and pledged to Absa Bank . The value of security ceded amounts to R4,2 billion ( 2021 : R3,6 billion ) as at year-end .
11.8 The carrying value read with the portfolio allowance approximates the fair value of trade and other receivables .
12 . INVENTORY HELD TO SATISFY FIRM SALES
GROUP 2022 R ' m
2021 R ' m
COMPANY 2022 R ' m Inventory held to satisfy firm sales 47 10 47 10
Inventory held to satisfy firm sales represents inventory purchased to satisfy firm sales to the off-taker in respect of agricultural produce , which is payable by third parties on delivery of such agricultural produce to them . The price of such inventory is hedged on the South African Futures Exchange ( Safex ). Variations are also set off against these items . Inventory is measured at fair value , which is linked to the Safex price .
2021 R ' m

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