8.1.6 Silocerts (Pty) Ltd
The group has a 50% interest in Silocerts (Pty) Ltd (“Silocerts”). Silocerts deals with the electronic issuing and trading of silo
certificates. The financial year-end is the same as the Senwes Group financial year-end. The principal place of business of
Silocerts is in Johannesburg, Gauteng.
The following is the summarised information of Silocerts:
2020
R’m
2019
R’m
Statement of financial position of Silocerts:
Current assets, excluding cash and cash equivalents - * - *
Cash and cash equivalents 6 6
Non-current liabilities
(1) (2)
Equity 5 4
* Less than R0,5 million.
50% proportion of the group’s ownership:
Carrying amount of the investment 3 2
Included in the carrying amount is R0,5 million paid during September 2014 to previous shareholder to increase Senwes’
shareholding from 42,5% to 50%.
The revenue and profit of Silocerts are as follows:
Revenue 4 4
Cost of sales
(1) (1)
Operating expenses, excluding depreciation (2) (2)
Profit before tax 1 1
Tax - * - *
Profit after tax 1 1
Group’s share of profit for the year 1 1
* Less than R0,5 million.
Summarised cash flows of Silocerts are as follows:
Generated from operating activities 1 1
Used in investing activities - (1)
Used in financing activities (1) -
Net increase/(decrease) in cash flows - -
Senwesbel Limited Reg no: 1996/017629/06 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 42