NOTES
9. CHANGES IN ACCOUNTING STANDARDS
Since the last reported financial statements, namely the annual fi-
nancial statements for the year ended 30 April 2019, the group’s
accounting policies changed to adopt IFRS 16, Leases. The require-
ments of this new standard were evaluated and implemented in the
financial statements of the group. The standard is subject to addi-
tional disclosure requirements.
Senwes applied the modified retrospective approach in initially ap-
plying this standard. Under this approach, the cumulative effect of
initially applying IFRS 16 is recognised as an adjustment to equity
as at the date of initial application (1 May 2019). Comparative fig-
ures for the year ended 30 April 2019 are not restated to reflect the
adoption of IFRS 16, but instead continue to reflect accounting poli-
cies under IAS 17, Leases.
The impact of this new standard on the financial statements is as
follows:
2020
R’m
Statement of financial position
Non-current assets
Right of use asset
12
Impact on total assets
12
Non-current Liabilities
Lease liabilities
Current Liabilities
Short-term portion of lease liabilities
Impact on total liabilities
Statement of comprehensive income
Net impact on profit for the year
* The increase in expenses is below R0,5 million.
10
2
12
* -
NOTICE IN TERMS OF SECTION 44 AND 45
OF THE COMPANIES ACT, 71 OF 2008
The shareholders authorised the board of directors to provide financial
assistance to Senwes’ subsidiaries, joint ventures and associates on
22 August 2019 (at the annual general meeting) as required in terms of
section 44 and 45 of the Companies Act, no. 71 of 2008, as amended.
Financial assistance (loans) approved during the period:
R’m
Company
Senwes Equip Holdings (Pty) Ltd
Tradevantage Grain (Pty) Ltd
Falcon Agricultural Equipment (Pty) Ltd
Total
28
98
40
166
DIRECTORS
JDM Minnaar (Chairman), F Strydom (Chief Executive)*, SF Booy-
sen (Vice-Chairman), AJ Kruger, CF Kruger (Chief Financial Officer)*,
JS Marais, JJ Minnaar, SM Mohapi, VJ Klein, NDP Liebenberg, JPN
Stander, TF van Rooyen, WH van Zyl, AG Waller.
EM Joynt (Company Secretary)
* Executive
senwes interim results 31 october 2019
15