Integrated Reports Senwes Financial Review 2018 - Page 32

32 FINANCIAL REVIEW 5.1.5 MOLEMI SELE MANAGEMENT (PTY) LTD 5.1.4 HINTERLAND SA (PTY) LTD (GROUP) | continued Reconciliation of group’s share of (loss)/profit for the year Group’s share of (loss)/profit for the year 50% of loss for the year Deferred tax asset derecognised Adjustment on group level Reversal of group adjustments Summarised cash flows of Hinterland are as follows: Generated from/(used in) operating activities (Used in)/generated from investing activities (Used in)/generated from financing activities Net (decrease)/increase in cash flows 2018 R’m 2017 R’m (22) 10 (22) (8) - (4) - - 9 The group has a 35,7% interest in Molemi Sele Management (Pty) Ltd. Molemi Sele Management (Pty) Ltd 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 clients of the shareholders. 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 Molemi Sele: 13 Statement of financial position of Molemi Sele: 126 (35) Non-current assets 2018 R’m 2017 R’m 21 17 2 - (46) 14 Current assets (98) 26 Non-current liabilities (2) (3) (18) 5 Equity 21 14 7 5 Dividend income 10 - Operating expenses -* -* Finance costs -* -* Profit before taxation 10 - Taxation -* - Profit after taxation 10 - 3 -* Generated from operating activities 10 - Used in investing activities (7) - Used in financing activities (3) - - - 35,7% proportion of the group’s ownership: Total carrying amount of the investment The revenue and profit of Molemi Sele are as follows: Group’s share of profit for the year * Less than R0,5 million. Summarised cash flows of Molemi Sele are as follows: Net (decrease)/increase in cash flows FINANCIAL REVIEW