8.1.1 Certisure Group
The group has a 50% interest in the Certisure Group. The core business activity is insurance broking and administrative
services. The financial year-end is the same as the Senwes Group financial year-end. The registered
office of the company is the same as Senwes’ registered office.
The following is the summarised financial information of the Certisure Group:
2020
R’m
2019
R’m
Statement of financial position of the Certisure Group:
Non-current assets 5 5
Current assets, excluding cash and cash equivalents 12 11
Cash and cash equivalents 66 58
Trade payables (7) (5)
Provisions (3) (2)
Other current financial liabilities (6) (5)
Equity 67 62
50% proportion of the group’s ownership:
Carrying amount of the investment * 80 77
* Includes a revaluation of R46 million recognised due to loss of control over a subsidiary (1 May 2012).
The revenue and profit of the Certisure Group are as follows:
Revenue 61 59
Operating expenses (44) (46)
Finance income 5 5
Profit before tax 22 18
Tax (6) (5)
Profit after tax 16 13
Group’s share of profit for the year 8 6
Dividends received (5) (2)
Summarised cash flows of Certisure Group are as follows:
Generated from operating activities 21 15
Used in financing activities (13) (4)
Net increase in cash flows 8 11
Senwesbel Limited Reg no: 1996/017629/06 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 36