6.3.3 KLK Landbou Ltd
Senwes holds a 57,67% interest in KLK Landbou Ltd (“KLK”), and it is therefore accounted for as a subsidiary. KLK is
a group of companies in the agricultural sector. The group’s focus areas are on agricultural retail, fuels and associated
products, meat trading through abattoirs, various car dealerships, livestock, the processing and exporting
of sheep skins and cattle hides and the trading, processing and packaging of raisins and raisin products in the
Orange River area, mainly for the export market. The company has a February financial year-end. KLK is therefore
consolidated two months in arrears in comparison with the financial result and financial position of the Senwes
Group. However, financial adjustments deemed significant are made to the financial statements of the group
relating to the months of March and April 2020. The registered office of the company is in Upington, South Africa.
Refer to note 6.2 for more details regarding the acquisition during the current year.
The following is the summarised financial information:
2020 2019
R’m
R'm
Financial position
Non-current assets 340 -
Current assets, excluding bank and cash 584 -
Cash and cash equivalents 93 -
Trade payables (269) -
Current financial liabilities, excluding trade payables (121) -
Non-current liabilities (71) -
Non-controlling interest (140) -
Equity attributable to subsidiary 416 -
Attributable to:
Equity holders of the parent 240 -
Non-controlling interest 176 -
Financial results -
Revenue 2 135 -
Cost of sales (1 737) -
Other income 9 -
Depreciation (16) -
Expenses (310) -
Finance costs (8) -
Profit before tax 73 -
Tax (21) -
Non-controlling interest (19) -
Profit after tax 33 -
Non-controlling interest share in profit or loss 14 -
Dividends paid to non-controlling shareholders 5 -
Change in ownership 1 -
Summarised cash flows are as follows:
Generated from operating activities 93 -
Used in investing activities (19) -
Used in financing activities (18) -
Net increase in cash flows 56 -
29
SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06