Integrated Reports Senwes Financial Review 2018 - Page 30

30 FINANCIAL REVIEW 5.1.3 GRASLAND ONDERNEMINGS (PTY) LTD (GROUP) 5.1.2 GRAINOVATION (PTY) LTD The group has a 50% interest in Grainovation (Pty) Ltd (“Grainovation”), the core business activity of which is the transportation of grain commodities. 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 Grainovation: 2018 R’m 2017 R’m 72 43 Statement of financial position of Grainovation: Non-current assets Current assets, excluding cash and cash equivalents Cash and cash equivalents Trade payables Current financial liabilities, excluding trade payables Non-current financial liabilities Non-current liabilities Equity 31 - (27) (13) (17) (7) 39 25 (8) (11) (25) (5) 28 19 14 381 166 The revenue and profit of Grainovation are as follows: Revenue Cost of sales Other income Operating expenses, excluding depreciation Depreciation Finance income Finance costs Profit before tax Tax Profit after tax Group’s share of profit for the year (345) 2 (12) (7) 2 (3) 18 Used in investing activities Used in financing activities Net (decrease)/increase in cash flows (142) 1 (11) (6) 2 (4) 6 (5) (1) 13 5 6 3 Summarised cash flows of Grainovation are as follows: Generated from operating activities Statement of financial position of Grasland: Non-current assets Current assets, excluding cash and cash equivalents Cash and cash equivalents Trade payables Current financial liabilities, excluding trade payables Provisions Non-current financial liabilities Non-current liabilities Non-controlling interest Equity 50% proportion of the group’s ownership: Carrying amount of the investment 9 The group has a 50% interest in Grasland Ondernemings (Pty) Ltd (“Grasland”). The company’s main business objective is the mining and distribution of agricultural lime. 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 Grasland: 19 (35) (9) (25) 11 - (9) 2 2017 R’m 45 42 9 9 (7) (9) (1) (1) (4) (5) 1 - 29 25 18 14 9 - (4) (5) (19) (6) 50% proportion of the group’s ownership: Reconciliation of carrying amount to 50% of net asset value: Carrying amount of the investment Increase in Senwes’ shareholding during June 2010, paid to previous shareholder (1) Group adjustment - provision made on research costs (3) 50% of net asset value The revenue and profit/(loss) of Grasland are as follows: Revenue Cost of sales Other income Operating expenses, excluding depreciation Depreciation Finance costs Profit/(loss) before tax Tax Profit/(loss) after tax Profit/(loss) attributable to: Owners of the parent Non-controlling interest FINANCIAL REVIEW 2018 R’m 14 52 (1) - 13 29 (23) (20) (18) (11) (2) (1) 3 1 (3) (3) 9 (5) 7 (4) 8 (4) (2) (1) 1 -