2019
Staalmeester Agricultural Equipment (Pty) Ltd
During the year Senwes Equipment acquired a 75% interest, by obtaining the assets and liabilities in Staalmeester
Agricultural Equipment (Pty) Ltd (“Staalmeester”), which operates as an agri-implement manufacturer, importer
and retailer, with the effective date being 1 October 2018. Senwes holds this investment through one of its wholly-owned
subsidiaries, Senwes Equip Holdings (Pty) Ltd (“Senwes Equip Holdings” previously known as Pricepro
(Pty) Ltd). Senwes Equip Holdings serves as a holding company for mechanisation investments in the group.
SENWES GROUP
R’m
STAALMEESTER
R'm
Fair value of property, plant and equipment A….………………..... 21 21
Control obtained B............................ 75% 100%
Value of property, plant and equipment obtained C = (A x B)..... 16 21
Consideration paid D............................ 25 35
Goodwill E = (D - C)...... 9 14
Non-controlling interest recognised 1 5 -
1
The non-controlling interest was determined using the proportionate method.
The net assets recognised in these financial statements are based on a provisional assessment while the group
assesses whether there are further separately identifiable assets and/or liabilities.
Restructuring: Hinterland SA/Prodist
During the period, LRB sold its 25% shareholding in Prodist (Pty) Ltd to Hinterland SA (Pty) Ltd. This resulted in Hinterland
SA (Pty) Ltd holding a 100% interest in Prodist (Pty) Ltd.
Subsequent to the sale, Hinterland SA changed its name to Hinterland Holdings and Prodist changed its name to Hinterland
SA. Refer to note 8.1.4 for more details.
Hinterland Holdings (Pty) Ltd merged its retail operations into Hinterland SA (Pty) Ltd. The effective date of the merger was
1 December 2018. The merger constituted a common control transaction and the net value of the assets were transferred
into Hinterland SA (Pty) Ltd.
25
SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06