Integrated Reports Senwesbel Consolidated Financial Statements 2018 - Page 37

9. INVENTORY HELD TO SATISFY FIRM SALES GROUP Inventory held to satisfy firm sales 2018 R’m 2017 R’m 144 75 Inventory held to satisfy firm sales represents inventory purchased on behalf of third parties in respect of agricultural produce, which is payable by third parties on delivery of such agricultural produce to them. The price of such inventory is hedged on the South African Futures Exchange (Safex). Variations are also set off against these items. Inventory is measured at fair value, which is the Safex price. 10. DISCONTINUED OPERATIONS 10.1 DISCONTINUED OPERATIONS: 2018 There were no discontinued operations during this year. 10.2 DISCONTINUED OPERATIONS: 2017 10.2.1 Africa activities Senwes and Bunge are equal shareholders in Bunge Senwes International (BSI). BSI is the holding company of entities in Malawi, Mozambique and Kenya. The deregistration of BSI will start in the coming year. The deregistration of Malawi was completed in the 2017 financial year while the deregistration of Mozambique, Zambia and Kenya was completed during 2016. This trans- action still meets the definition of discontinued operations. 11. ISSUED CAPITAL GROUP Authorised: 160 542 874 (2018 and 2017) ordinary shares of no par value Issued: 113 692 315 (2018: 116 409 842) ordinary shares of no par value COMPANY 2018 R’m 2017 R’m 2018 R’m 2017 R’m 1 1 1 1 1 1 1 1 Senwesbel Ltd repurchased 2,7 million of its own shares to the value of R14,7m during 2018. 12. RESERVES 12.1 SHARE PREMIUM GROUP COMPANY 2018 R’m 2017 R’m 2018 R’m 2017 R’m Balance at the beginning of the year 498 498 498 498 Balance at the end of the year 498 498 498 498 Senwesbel Limited Reg no: 1996/017629/06 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2018 36