Integrated Reports Senwesbel Consolidated Financial Statements 2018 - Page 27

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 Non-current assets 72 43 Current assets, excluding cash and cash equivalents 31 9 - 25 (27) (8) Statement of financial position of Grainovation: Cash and cash equivalents Trade payables Current financial liabilities, excluding trade payables (13) (11) Non-current financial liabilities (17) (25) Non-current liabilities (7) (5) Equity 39 28 19 14 381 166 (345) (142) (12) (11) 2 1 (7) (6) 2 2 Finance costs (3) (4) Profit before taxation 18 6 Taxation (5) (1) Profit after taxation 13 5 6 3 50% proportion of the group’s ownership: Carrying amount of the investment The revenue and profit of Grainovation are as follows: Revenue Cost of sales Operating expenses, excluding depreciation Other income Depreciation Finance income Group’s share of profit for the year Summarised cash flows of Grainovation are as follows: Generated from operating activities Used in investing activities Used in financing activities Net (decrease)/increase in cash flows Senwesbel Limited Reg no: 1996/017629/06 19 11 (35) - (9) (9) (25) 2 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2018 26