32. OTHER LOANS RECEIVABLE / PAYABLE
GROUP
NOTES
2020
R’m
2019
R’m
Loans from related parties
Additional loans received from related parties 7.2.1 29 14
Total repayment of loans from related parties - (11)
Repayment of loans from related parties 7.2.1 (11) (11)
Movement in loans from related parties due to Grainovation (Pty)
Ltd business combination
6.2 11 -
Movement in loans from related parties 29 3
Loans to related parties
Additional loans advanced to related and third parties 7.1.2 (510) (49)
Total repayment of additional loans to related and third parties 31 150
Repayment of loans to related and third parties 7.1.2 27 148
Adjustments to movements already considered in note 27:
Forex 4 2
Movement in loans to related and third parties (479) 101
33. UNUTILISED FUNDING FACILITIES
An unutilised short-term facility of R1,1 billion (2019: R1,3 billion) is available for growth opportunities and unexpected events.
As at year-end, Senwes had unpledged commodities and unencumbered assets of R40 million (2019: R20 million) and R4,1 billion
(2019: R3,6 billion) respectively.
34. IMPLEMENTATION OF NEW STANDARDS
As this is the first year of adopting IFRS 16, Leases, the transition to the new standard had the following effect on the financial
statements of the group:
GROUP
Statement of financial position:
2020
R’m
2019 *
R’m
Non-current assets 37 -
Increase in Right-of-use assets 37 -
Increase/(decrease) in deferred tax asset - -
Current liabilities (39) -
Increase in Lease liability (39) -
(Increase)/decrease in deferred tax liability - -
Statement of comprehensive income: 2 -
Increase in distribution, sales and administrative expenses - -
Increase in finance costs 2 -
* The group adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of 1 May 2019. In
terms of this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at
the date of initial application, and therefore no adjustment is made to the prior year.
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SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06