THE PERFORMANCE
REPORT BY THE CHIEF FINANCIAL OFFICER| continued
NET ASSET VALUE VS SHARE PRICE
CASH FLOW
R16,00 ➊ First dividend after turnaround.
R14,00 ➋ Royal Bafokeng B-BBEE transaction.
11,50
10,50
10,40
11,00 11,00
9,0
5,25
R6,00
➏ Share repurchases 2005; 2013; 2015.
5,50
➐ Good results after a good grain harvest.
4,00
R4,00
0,80
1,65
➑ Worst drought since 1904: 2016.
2,50
➒ Good results driven by an exceptionally
good grain harvest.
R0,00
2004
2005
➍ Senwesbel offer to Senwes shareholders.
2006 2007
2008
2009
2010
2011
2012
Market share price
2013
2014
2015
2016
2017
2018
2019
NAV
708
600
➌ Record financial results.
➎ Grindrod transaction.
7,30
R8,00
R2,00
10,40
10,20
R10,00
10,75
R12,00
800
(213)
400
(64)
(99)
200
(193)
104
0
(188)
-100
Cash from
operating
activities
Finance
cost
Tax paid
Dividends
paid
Change in
working
capital
Capital
expenditure
4 34
Other Net cash
flow
(25)
Movement in
loans to/from
related parties
Acquisition of
subsidiary
➓ Net profit of R283 million, whilst market
price per share closed at the same level
as the previous year.
Positive cash flow of R139 million (2018: R286 million) was generated
from operating activities after the payment of dividends to the value of
R99 million (2018: R90 million), interest of R213 million (2018: R223
million), tax of R64 million (2018: R86 million) and the increase in work-
ing capital of R193 million (2018: R128 million). R188 million (2018:
R141 million) was invested in capital projects aimed at operational effi-
ciency and at increasing service delivery to the customer.
ACKNOWLEDGEMENTS
The Chairman and Chief Executive Officer acknowledged all stakehol
ders in their reports and I can merely confirm what they said.
All honour and glory to our Lord!
FUTURE PROSPECTS _________________________
Prospects for the future remain challenging in the macro agricultural
environment as far as geo-political/economic aspects are concerned.
Should commodity prices remain low, it would place further pressure
on the spending ability of the customer. However, good commodity
prices will result in good farming income, which will increase spending
ability. The high carry-over stock levels at the beginning of the new
season will, however, also bring opportunities and provide momentum
to the new season.
50
SENWES INTEGRATED REPORT 2019
CF Kruger
Chief Financial Officer
Klerksdorp
27 June 2019
SENWES INTEGRATED REPORT 2019
51