8.1.5 Molemi Sele Management (Pty) Ltd
The group has a 35,7% interest in Molemi Sele Management (Pty) Ltd, (“Molemi Sele”). Molemi Sele is the owner of a
cell within Guardrisk Life. The arrangement enables Guardrisk, a registered licensed cell captive insurer, to provide
long-term insurance and to offer third party insurance policies to customers of the shareholders. The financial yearend
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 Molemi Sele:
2020
R’m
2019
R’m
Statement of financial position of Molemi Sele:
Non-current assets 33 25
Current assets 5 3
Non-current liabilities (3) (2)
Equity 35 26
35,7% proportion of the group’s ownership:
Total carrying amount of the investment 13 10
The revenue and profit of Molemi Sele are as follows:
Dividend income 7 6
Interest income 1 1
Gains from financial assets at fair value 3 -
Profit before tax 11 7
Tax (1) - *
Profit after tax 10 7
Group’s share of profit for the year 3 3
*
Less than R0,5 million.
Summarised cash flows of Molemi Sele are as follows:
Generated from operating activities 3 3
Used in investing activities (3) (3)
Net increase/(decrease) in cash flows - -
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SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06