Integrated Reports Senwesbel Consolidated Financial Statements 2018 - Page 31

5.1.6 Silo Certs (Pty) Ltd The group has a 50% interest in Silo Certs (Pty) Ltd (Silo Certs). Silo Certs deals with the electronic issuing and trading of silo certi- ficates. The financial year-end is the same as the Senwes group financial year-end. The principal place of business of Silo Certs is in Johannesburg, Gauteng. The following is the summarised information of Silo Certs: 2018 2017 R’m R’m Statement of financial position of Silo Certs: Current assets, excluding cash and cash equivalents Cash and cash equivalents Non-current liabilities Equity 1 1 6 4 (4) (3) 3 2 2 1 50% proportion of the group’s ownership: Carrying amount of the investment Included in the carrying amount is R0,5 million paid during September 2014 to the previous shareholder to increase Senwes’ shareholding from 42,5% to 50%. The revenue and profit of Silo Certs are as follows: 5 4 Cost of sales (1) (1) Operating expenses, excluding depreciation (2) (2) Profit before taxation 2 1 Taxation - - Profit after taxation 2 1 Group’s share of profit for the year 1 -* Revenue * Less than R0,5 million. Summarised cash flows of Silo Certs are as follows: Generated from operating activities 1 - Generated from/(used in) financing activities 1 (2) Net increase/(decrease) in cash flows 2 (2) Senwesbel Limited Reg no: 1996/017629/06 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2018 30