notes
NOTES
1. RELATED PARTY TRANSACTIONS
1.1
1.2
Senwesbel Ltd. (“Senwesbel”)
Dividends of R18,9 million were paid to Senwesbel.
Trade debtors - Directors
Trade debtors comprise of production credit accounts as
well as other accounts for which customers of the com-
pany qualify. Credit extension, terms of repayment and
interest rates in respect of loans are in line with company
policy, which applies to all customers of the company.
R77,5 million was owed to the group by the directors on
the above-mentioned accounts as at 31 October 2016.
This is covered by security held in terms of the credit
policy.
2. NEW BUSINESS
2.1 Business combinations: Agrico (Pty) Ltd
Due to Agrico (Pty) Ltd effectively dissolving its John Deere
agency, Senwes Equipment was afforded the opportunity
to acquire two branches from Agrico (Pty) Ltd namely Agri-
co Aliwal North and Agrico Ugie on 1 August 2016. Simul-
taneously, JD Implemente (Pty) Ltd acquired Agrico George
from Agrico (Pty) Ltd.
Fair value of assets acquired and liabilities
assumed
Senwes Ltd JD Implemente
(Pty) Ltd
R’m R’m
Property, plant and equipment 6 1
Inventory 7 8
Total identifiable net assets
Goodwill 13
4 9
2
Purchase consideration transferred 17 11
The net assets recognised in the 31 October 2016 interim
financial statements are based on a provisional assess
ment while the group assesses whether there are further
separately identifiable assets and/or liabilities.
senwes interim results 31 october 2016
11