Integrated Reports Senwes Financial Review 2018 - Page 10

10 FINANCIAL REVIEW STATUTORY DIRECTORS’ REPORT 1. MAIN OBJECTIVES The summarised statement of financial position is as follows: The main objectives of the group are as follows: 1.1 To supply primary agricultural input products and services; and 1.2 To provide market access for agricultural produce. GROUP 2. CHANGE IN NATURE OF ACTIVITIES There were no material changes in the nature of the business of the group during the financial year. 3. SUBSIDIARIES AND OTHER FINANCIAL ASSETS Details of the company’s interest in subsidiaries, associate, joint ventures and other financial assets are set out in notes 3 to 5 of the annual financial statements. 4. RESULTS Revenue COMPANY 2018 R’m 2017 R’m 2018 R’m 2017 R’m 9 540 9 927 8 162 7 200 Operating profit 660 414 583 473 Profit after tax 311 167 248 191 2017 R’m 2018 R’m 2017 R’m Total assets 6 130 5 261 5 920 5 286 Total interest-bearing debt 3 031 2 617 3 047 2 640 5. DIVIDENDS The board proposed that a final dividend of 27 cents per share (2017 – 25 cents per share) be declared. An interim dividend of 27 cents per share was paid in De- cember 2017 (March 2017 – 20 cents per share). Refer to note 22.2 for dividends paid and proposed. 6. DIRECTORS The board's pursuit of managing the group and the company in accordance with good corporate governance practices still applies. The board comprises of 12 (2017: 13) members: Shareholder Senwesbel Ltd Grindrod Trading Holdings (Pty) Ltd Refer to note 1 of the financial statements for a full segmental ana­lysis. Board members 6 1 (1 alternate) Together with: FINANCIAL REVIEW 2018 R’m Refer to the CEO’s and CFO’s report for a comprehensive overview on the results of the operating units. The net profit after tax of the group for the year under review amounted to R311 million (2017: R167 million). The summarised results are as follows: GROUP COMPANY Independent non-executive directors 3 Executive directors 2 Executive directors are appointed on the basis of service contracts for a period of three years. Particulars thereof are contained in the corporate governance report and note 23.6.