Senwes Annual Financial Statements 2022 | Page 61

SENWES ANNUAL FINANCIAL STATEMENTS 2022
Carrying amount as at 30 April 2021
R ' m
Quoted prices in active markets for identical instruments
Level 1 R ' m
Significant other observable inputs Level 2
R ' m
Significant unobservable inputs Level 3
R ' m
Recurring measurements
Notes
Assets
Grain commodities
10
116
116
-
-
Inventory held to satisfy firm sales
12
10
-
10
-
Investment in financial assets at fair value through other comprehensive income
7.1.1
4
-
-
4
Investment in RealFin Collective Investment Scheme
8
24
-
24
-
Forward purchase contracts
20.1
203
203
-
-
Safex futures
20.1
1
1
-
-
Total assets
358
320
34
4
Liabilities Commodity finance
7.2.2
52
52
-
-
Forward purchase contracts
20.2
5
5
-
-
Safex futures
20.2
53
53
-
-
Total liabilities
110
110
-
-
Accounts receivable , loans receivable and loans payable at amortised cost approximate their fair value .
Techniques used to determine fair value measurements categorised in level 1 : All items categorised in level 1 are revalued by applying the market value as determined by Safex ( South African Futures Exchange ) and the foreign exchange markets .
Techniques used to determine fair value measurements categorised in level 2 : RealFin Collective Investment Scheme ' s inputs can indirectly be observed through the cash balances and financial position of the fund .
Techniques used to determine fair value measurements categorised in level 3 : Investment held by Thobo Trust This is shares held by Thobo Trust in Oos-Transvaal Kalkverskaffers ( Pty ) Ltd (" OTKV "). OTKV is a private company and a discounted cash flow calculation was used to determine the fair value .
25 . EARNINGS PER SHARE AND DIVIDENDS
25.1 Earnings per share
The following calculations are based on a weighted average number of 172 688 600 shares ( 2021 : 171 483 138 shares ). The earnings were calculated on profit attributable to shareholders .
25.1.1 Earnings per share is based on a profit of R601 million ( 2021 : R504 million ) attributable to ordinary shares . 25.1.2
1 Impairments /( reversals ) on investments / loans of a capital nature ;
2 Restructuring costs ;
3 Profit /( loss ) on foreign exchange on capital loans ;
4 Expenses and cost impact not related to operational activities and which in nature are abnormal ; and
5 Legal / consulting fees relating to business transactions ( i . e . business combinations , disposals and major reorganisations ).
25.1.3 Reconciliation between earnings and normalised headline earnings is as follows :
Fair value as at 30 April 2021
Normalised headline earnings per share is based on a profit of R689 million ( 2021 : R420 million ). Normalised headline earnings is headline earnings according to Circular 1 / 2021 issued by the South African Institute of Chartered Accountants , adjusted with the following :
GROUP 2022 R ' m
Earnings per statement of comprehensive income
601
504
Adjustments : Profit from sale of property , plant and equipment
( 1 )
( 37 )
Impairment of property , plant and equipment and intangible assets
55
8
( Loss )/ gain on disposal of investment in joint venture
10
( 28 )
Impairment of goodwill
8
29
Gain on bargain purchase of subsidiary
-
( 102 )
Tax effect of adjustments
( 13 )
7
Headline earnings
660
381
Abnormal / once-off items : Impairment on investments
4
20
Reversal of impairment on loan of a capital nature
-
( 29 )
Restructuring costs
-
11
Legal / consultation fees **
16
15
Other once-off items ***
12
38
Tax effect of adjustments
( 3 )
( 16 )
Normalised headline earnings
689
420
Earnings per share ( cents )
347.6
294.4
Headline earnings per share ( cents )
381.3
221.5
Normalised headline earnings per share ( cents )
398.2
244.4
Earnings per share from continued operations ( cents )
347.6
294.4
* Refer to note 6.1 for details regarding adjusted prior year figures .
** Legal / consulting fees mainly consist of fees incurred in optimising certain operating activities and for merger and acquisition transactions .
*** This relates to a foreign exchange contract (" FEC ") loss made on the equity portion of a highly probable future transaction of capital nature ( 2021 :
Relates to the cost impact of the Covid-19 pandemic , which we do not expect to reoccur annually and is therefore classified as once-off ).
* 2021 R ' m

Reimagine Agriculture

59