FINANCIAL review - senwes.co.za

Senwes Group 5-year Review 2016 R’m

2015 R’m

2014 R’m

2013 R’m

2012 R ‘m

Assets Non-current assets Current assets Total assets

1 545 3 115 4 660

1 214 3 533 4 747

1 077 3 051 4 128

822 3 199 4 021

696 2 676 3 372

Equity and liabilities Capital and reserves Non-controlling interest Equity Non-current liabilities Current liabilities Total equity and liabilities

1 863 19 1 882 1 002 1 776 4 660

1 781 17 1 798 1 007 1 942 4 747

1 622 13 1 635 662 1 831 4 128

1 583 10 1 593 1 009 1 419 4 021

1 368 8 1 376 457 1 539 3 372

2 200

2 161

1 961

1 782

1 440

230

219

170

139

168

Input Supply (Senwes Equipment, JD Implemente, Hinterland group & Grasland Ondernemings)

1 429

1 463

1 552

2 871

2 259

Market Access (Senwes Grainlink, Tradevantage, Graanmakelaars, Grainovation & ESC) Normal operating activities Corporate income Total income Discontinued operations Income from continuing operations

7 468

6 985

9 889

12 209

10 659

9 127 101 9 228 9 228

8 667 88 8 755 8 755

11 611 15 11 626 (150) 11 476

15 219 35 15 254 (1 370) 13 884

13 086 11 13 097 (1 222) 11 875

74

99

95

71

5

89

80

170

62 104

181

210

85

177

183

260 (47) 213 (57) 156

398 (65) 333 (86) 247

260 (75) 146 331 (80) 251

418 (69) 58 407 (100) 307

349 (54) 67 362 (97) 265

3 (164)

4 (137)

3 (124)

2 (104)

1 (92)

STATEMENT OF FINANCIAL POSITION*

Profit/(loss)* Financial Services (Senwes Credit, Senwes Asset Finance & Certisure group) Input Supply (Senwes Equipment, JD Implemente, Hinterland group & Grasland Ondernemings) Market Access (Senwes Grainlink, Tradevantage, Graanmakelaars, Grainovation & ESC) Normal operating activities Corporate costs Investment, business combinations and restructuring income Profit before tax Taxation Profit for the year Non-controlling interest Finance charges included in results CASH FLOW STATEMENT* Cash from operating activities Total finance costs, tax and dividends paid Finance costs paid Tax paid Dividends paid Change in operating capital Other operating income Net cash flow from/(used in) operating activities Net cash (used in)/from investment activities Net cash (used in)/from financing activities Net increase/(decrease) in cash and cash equivalents

500 (319) (164) (66) (89) (17) 164 (142) 22

575 (314) (137) (98) (79) (327) 1 (65) 53 (5) (17)

381 (276) (124) (46) (106) (28) 2 79 4 (102) (19)

490 (295) (104) (117) (74) (544) (349) (148) 531 34

reports the business corporate governance

Revenue Financial Services (Senwes Credit, Senwes Asset Finance & Certisure group)

sustainability

INCOME STATEMENT PER SEGMENT

441 (307) (89) (92) (126) (88) 2 48 (133) 102 17

financial statements

Interest-bearing liabilities included in current and non-current liabilities

overview

approach

FINANCIAL review

*Including discontinued and continuing operations

senwes integrated report 2016

79

Financial and Operating ratios 5-year compounded annual growth %

2016

2015

2014

2013

2012

8,5 8,9 9,5 7,3 (7,8) (7,3) 10,2 0,6 5,2

(1,8) 4,7 1,8 5,4 (36,0) (54,7) 4,6 (8,7) (10,0)

15,0 10,0 10,2 (23,7) 0,6 77,0 10,1 7,0 4,2

2,7 2,6 10,0 (17,3) (18,7) (35,1) 8,3 3,4 (21,3)

19,2 15,8 23,8 16,9 12,4 14,8 16,9 15,6 1,7

8,6 11,9 2,9 83,4 13,5 14,3 11,2 (11,8) 71,4

168,88 168,88

169,21 168,88

172,38 169,29

180,46 178,99

180,79 180,79

90,6 79,3 74,1 1 103,3 1 050,0 45,0 20,0 25,0 -

143,4 175,2 164,0 1 054,6 1 150,0 50,0 26,0 24,0 -

143,9 99,0 94,4 958,1 1 075,0 48,0 22,0 26,0 -

168,9 152,4 152,2 884,4 1 040,0 61,0 31,0 26,0 4,0

146,0 132,8 132,8 756,7 900,0 60,0 15,0 45,0 -

95,2 3,9 3,9 4,1

109,0 4,7 4,7 4,5

112,2 4,6 4,6 4,5

117,6 6,8 6,3 6,3

118,9 5,9 5,9 6,3

13,2 2,0 2,0

6,6 2,9 2,9

10,9 3,0 3,0

6,8 2,8 3,0

6,8 2,4 2,4

8,5 8,4 (4,8) (5,0)

15,0 14,3 11,6 11,2

15,7 15,5 8,0 7,8

22,3 20,7 22,3 20,7

21,5 20,3 (5,9) (6,3)

2,0 4,9 1 412 264 7,7 4,2 27

2,0 4,9 1 482 360 11,4 5,3 26

2,8 7,0 1 443 337 12,1 3,9 25

3,8 8,7 2 124 214 11,5 3,6 25

3,7 8,6 2 170 191 12,4 3,8 27

46 40 115 31 (164) 2,5 1,8 1,3

45 38 119 44 (137) 3,7 1,8 1,2

45 40 118 33 (124) 4,0 1,7 1,3

47 40 109 41 (104) 5,3 2,3 1,6

49 41 103 40 (89) 5,4 1,7 1,3

FINANCIAL GROWTH (%) Total assets Total shareholder interest Interest–bearing liabilities Total revenue from continuing operations Profit before tax Normalised headline earnings per share Net asset value per share Closing market price per share Total dividends for the year PERFORMANCE OF ORDINARY SHARES Number of ordinary shares (‘m) Weighted average number in issue Number in issue at year-end Cents per share Earnings Normalised headline earnings Diluted normalised headline earnings Net asset value Closing market price Total dividends for the year Final dividend proposed Interim dividend paid Special dividend paid Percentage Price-book ratio Dividend yield, including special dividends Dividend yield, excluding special dividends Dividend yield on average market price, including special dividends Times Price-earnings ratio Dividend cover, including special dividends Dividend cover, excluding special dividends

(5,6) (7,3) (8,6) 10,2 0,6

SHAREHOLDER RETURN (%) Return on opening equity Return on average equity Total shareholder return (on opening market price) (dividends & capital growth) Total shareholder return (on average market price) (dividends & capital growth) PRODUCTIVITY Asset velocity (times)* Revenue/equity (times)* Number of employees Operating profit per employee (R’000) Return on total assets - EBIT (%) Operating profit as % of income* Effective tax rate SOLVENCY AND LIQUIDITY Equity as % of net assets Equity as % of total assets (own capital ratio) Gearing ratio % Non-interest-bearing liabilities as % of equity Financing costs paid (R‘m) Interest cover - EBITDA (times) Current ratio Quick asset ratio *Revenue from continuing operations used

80


approach

TOTAL REVENUE FROM CONTINUING OPERATIONS (R’m)

PROFIT BEFORE TAX (R’m) (CONTINUED AND DISCONTINUED OPERATIONS)

13 884 11 875

11 476 9 228

407

8 755

333

331

2015

2014

362

overview

Income Statement

213

2014

2013

2012

PROFIT AFTER TAX (R’m)

2016

2012

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (R’m) (EBITDA)

47 65

118

2013

reports

2015

58 146

65

156

247

133

260

200

416

508

345

487

429

2016

2015

2014

2013

2012

2016

2015

2014

2013

2012

Once-off items (business combinations and restructuring)

Once-off items (Business combinations and restructuring) Normal operations

corporate governance

Normal operations

Balance Sheet INTEREST-BEARING DEBT (R’m) 2 200

2 161

the business

2016

1 961

OWN CAPITAL RATIO (%)

1 782

40

38

40

40

41

2016

2015

2014

2013

2012

109

103

2013

2012

2016

2015

2014

2013

2012

TOTAL EQUITY (R’m) 1 882

1 798

1 635

GEARING RATIO (%) 1 593

115

119

2016

2015

118

1 376

2016

2015

2014

2013

2012

2014



sustainability

1 440

81

Cash Flow Statement CASH GENERATED FROM OPERATIONS VS NET CASH FLOW (R’m) 575

500

381

22

2016

490

(17)

(19)

34

2015

2014

2013

Cash generated from operations

441 17

2012 Cash flow

Efficiency and Productivity OPERATING PROFIT PER EMPLOYEE (R’000) 360

337

DISTRIBUTION, SALES AND ADMINISTRATIVE EXPENSES AS PERCENTAGE OF GROSS PROFIT (%) 65,4

264

54,9

214

2016

2015

2014

2013

191

2012

OPERATING PROFIT MARGIN (%)

2016

2015

2014

3,9

61,1

2013

2012

5,3

5,4

2013

2012

INTEREST COVER (times)

5,3 4,2

57,8 49,4

3,8

3,6

3,7

4,0

2015

2014

2,5

2016

2015

2014

2013

2012

EARNINGS BEFORE INTEREST AND TAX (EBIT) 58 146

65

377

470

309

453

389

2016

2015

2014

2013

2012

Once-off items (business combinations and restructuring) Normal operations

82


2016

approach

Shareholders

1 040

958

884

900

146,0

90,6

152,4

143,4

757

132,8

99,0 79,3

2015

2014

Trading value

2013

2012

50 26

2015

2014

Earnings per share

Net asset value

DIVIDEND (c/share)

45 20

2016

2013 Normalised headline earnings per share

PRICE-EARNINGS RATIO (times)

48 22

61 4 31

60 15

13,2 10,9

6,6

25

24

2016

2015

Special dividend

26

26

45

2014

2013

2012

Final dividend

396 235

1 844 2016

2016

2015

2014

6,8

6,8

2013

2012

1,2

1,2

2013

2012

Interim dividend

VALUE CREATION AND UNLOCKING FOR SHAREHOLDERS (CAPITAL GROWTH AND DIVIDENDS (R)) 477 54

2012

reports

2016

overview

1 055

1 075

168,9 143,9

306 99

219 36

1 844

1 844

1 844

2015

2014

2013

PRICE-BOOK RATIO (times)

108

1,0

1 844 (217) 2012

2016

1,1

1,1

2015

2014

Cumulative dividend Capital growth Market capitalisation: 2011 base year

RETURN ON EQUITY - OPENING EQUITY (%)

MARKET CAPITALISATION - CLOSING PRICE (R’m)

9

15

16

22

21

1 898

2 079

1943

1 880

1 627

2016

2015

2014

2013

2012

2016

2015

2014

2013

2012



1050

175,2

sustainability

1 150


1 103

EARNINGS PER SHARE VS NORMALISED HEADLINE EARNINGS PER SHARE (c/share)

the business

SHARE PRICE: TRADING VALUE VS NET ASSET VALUE (c/share)

83

Value added statement

for the year ended 30 April 2016 GROUP

Notes 2016 R‘m Revenue Paid to suppliers for goods and services Value added Dividend income WEALTH CREATED

%

2015 R‘m

9 228

8 755

(8 438)

(7 864)

790

891

-

1

790

892

%

Distributed as follows: 362

35%

372

35%

331

32%

315

30%

31

3%

57

5%

69

7%

98

9%

Financiers

164

16%

137

13%

Shareholders

Employees and directors Salaries, wages and other benefits

1

Incentive scheme Authorities

2

195

18%

285

28%

Dividends and distributions to ordinary shareholders

89

8%

79

8%

Provision for replacement of assets

39

4%

38

4%

67

6%

168

16%

790

75%

892

85%

258

25%

161

15%

1 048

100%

1 053

100%

Retained surplus

4

Wealth distributed from income Wealth distributed from other sources Authorities TOTAL WEALTH DISTRIBUTED

3

NOTES 1

Employer contributions of R4 million (2015: R3 million) with regards to central insurance funds are not included in this figure as it is accounted for in the amount paid to authorities (note 2).

2

Central and local government: SA normal taxation - current year (incl. discontinued operations) (Increase)/decrease in deferred taxation Change in capital gains tax rate Previous year’s adjustments Skills development levy net of refunds Rates and taxes paid to local authorities Central insurance funds Spending on authorities

3

4

84

63 (10) 6 (2) 3 5 4 69

100 (14) 3 6 3 98

VAT PAYE Withholding tax on dividends Spending on authorities

182 73 3 258

101 58 2 161

Total spending on authorities

327

259

Retained surplus comprises of: Group profit after tax Dividends Retained surplus

156 (89) 67

247 (79) 168

Other taxes comprise of:


approach

DISTRIBUTION of WEALTH 2016

31%

18%

the business

16%

reports

overview

35%

GOVERNMENT

FINANCIERS

SHAREHOLDERS corporate governance

EMPLOYEES

2015 35%

sustainability

28% 24%

EMPLOYEES

GOVERNMENT

FINANCIERS


13%

SHAREHOLDERS


85

Consolidated Statement of Financial Position as at 30 April 2016

GROUP

COMPANY

2016 R’m

2015 R’m

2016 R’m

2015 R’m

403

320

341

259

ASSETS Non-current assets Property, plant and equipment

2

Investment in subsidiaries

3.2

-

-

70

49

Investment in joint ventures

5.1

226

214

273

247

Other financial assets Loans and other receivables Deferred tax asset

4.1.1

4

4

4

4

6

888

656

888

656

15.2

24

20

16

15

1 545

1 214

1 592

1 230

Total non-current assets Current assets Inventory

7

536

932

353

703

Trade and other receivables

8

2 175

2 180

2 047

2 043

4.1.2

32

17

342

349

9

250

323

125

338

Derivative financial instruments

17.1

87

68

85

67

Cash and short-term deposits

4.1.3

Other loans receivable Inventory held to satisfy firm sales

35

13

19

6

Total current assets

3 115

3 533

2 971

3 506

TOTAL ASSETS

4 660

4 747

4 563

4 736

EQUITY AND LIABILITIES Equity 11

1

1

1

1

Share premium

12.1

67

67

67

67

Treasury shares

12.2

(126)

( 126)

-

-

Issued capital

Reserves

12.3 ,12.4, 12.5, 13.2

Retained earnings Own equity Non-controlling interest

3.3

Total equity

20

3

32

17

1 901

1 836

1 831

1 766

1 863

1 781

1 931

1 851

19

17

-

-

1 882

1 798

1 931

1 851

Non-current liabilities Interest-bearing loans

4.2.3

1 002

1 002

1 000

1 000

Incentive bonuses: Long-term portion

13.1

-

5

-

5

1 002

1 007

1 000

1 005

Total non-current liabilities Current liabilities 14

479

705

387

618

Interest-bearing loans

4.2.2

1 160

1 117

1 160

1 140

Other loans payable

4.2.1

41

42

41

42

Derivative financial instruments

17.2

58

18

6

18

26

2

7

2

9

13.1

19

49

19

49

Trade and other payables

Tax payable Incentive bonuses: Short-term portion

17

4

17

4

Total current liabilities

1 776

1 942

1 632

1 880

Total liabilities

2 778

2 949

2 632

2 885

TOTAL EQUITY AND LIABILITIES

4 660

4 747

4 563

4 736

Provisions

86


16

approach

Consolidated Statement of Comprehensive Income for the year ended 30 April 2016

2016 R’m

2015 R’m

498

474

513

535

245

259

247

267

Income from sale of goods

1 508

1 443

1 284

1 197

Income from commodity trading

6 977

6 579

5 833

5 890

Revenue

9 228

8 755

7 877

7 889

Cost of sales

(8 150)

(7 576)

(6 843)

(6 762)

Gross profit

1 078

1 179

1 034

1 127

20

-

1

4

8

19.1

(705)

(647)

(678)

(640)

373

533

360

495

19.2

(164)

(137)

(166)

( 139)

5.1

(12)

7

-

-

197

403

194

356

Services rendered Finance income

Dividend income Distribution, sales and administrative expenses

19.3

Operating profit Finance costs Share of (loss)/profit from joint ventures Profit before tax from continuing operations Taxation

15.1

Profit for the year after tax from continuing operations Profit/(loss) after tax from discontinued operations

10

Profit for the year

(60)

(106)

(55)

(76)

137

297

139

280

19

(50)

18

(71)

156

247

157

209

Other comprehensive income to be reclassified to profit or loss in subsequent periods, net of tax

-

( 5)

-

1

Fair value adjustment available-for-sale financial asset

-

1

-

1

Exchange difference on translation of foreign operations

-

(6)

-

-

Total comprehensive income for the year, net of tax

156

242

157

210

153

243

157

209

3

4

-

-

153

238

157

210

3

4

-

-

2016 cents/ share

2015 cents/ share

90,6

143,4

79,3

173,2

Profit attributable to: Equity holders of the parent Non-controlling interest Total comprehensive income attributable to: Equity holders of the parent Non-controlling interest

reports

2015 R’m

the business

2016 R’m

Notes

overview

COMPANY


GROUP

22.1.3

Earnings per share (continued operations) Normalised headline earnings per share

22.1.3

79,3

175,2

Diluted earnings per share

22.1.4

84,7

134,2

Diluted normalised headline earnings per share

22.1.4

74,1

164,0

Notes

2016 cents/ share

2015 cents/ share

22.2

DIVIDENDS FOR THE YEAR

51

46

Final dividend previous year

26

22

Interim dividend

25

24

20

26

Dividend per share paid during the year

Final dividend per share proposed

22.2



Earnings per share (continued and discontinued operations)

sustainability

EARNINGS PER SHARE

87

Consolidated Statement of Change in Equity for the year ended 30 April 2016

ShareFair Foreign Issued based value currency Nonshare Share Treasury payment Changes in adjust- translation Retained controlling Total capital premium shares reserve ownership ments reserve earnings interest equity R’m R’m R’m R’m R’m R’m R’m R’m R’m R’m

GROUP Balance as at 30 April 2014

1

67

(121)

-

(5)

2

6

1 672

Total comprehensive income

-

-

-

-

-

1

(6)

243

4

242

Profit for the year

-

-

-

-

-

-

-

243

4

247

Other comprehensive income

-

-

-

-

-

1

(6)

-

-

(5)

-

-

-

-

-

-

-

( 79)

-

(79)

Treasury shares purchased

-

-

( 5)

-

-

-

-

-

-

(5)

Shares issued to noncontrolling shareholders

-

-

-

-

( 9)

-

-

-

-

(9)

Equity-settled share-based payment scheme

-

-

-

14

-

-

-

-

-

14

Balance as at 30 April 2015

1

67

(126)

14

(14)

3

-

1 836


-

-

-

-

-

-

-

153

3

156

Profit for the year

-

-

-

-

-

-

-

153

3

156


-

-

-

-

-

-

-

-

-

-

Dividends

22.2

13 1 635

17 1 798

-

-

-

-

-

-

-

(88)

(1)

(89)


-

-

-

17

-

-

-

-

-

17


1

67

(126)

31

(14)

3

-

1 901

19 1 882


1

67

-

-

-

2

-

1 640

- 1 710


-

-

-

-

-

1

-

209

-

210

Profit for the year

-

-

-

-

-

-

-

209

-

209


-

-

-

-

-

1

-

-

-

-

-

-

-

-

-

-

(83)


-

-

-

14

-

-

-

-


1

67

-

14

-

3

-

1 766


-

-

-

-

-

-

-

157

-

157

Profit for the year

-

-

-

-

-

-

-

157

-

157


-

-

-

-

-

-

-

-

-

-

Dividends

22.2

COMPANY

Dividends

-

-

-

-

-

-

-

(92)


-

-

-

15

-

-

-

-


1

67

-

29

-

3

-

1 831

Dividends

88

22.2

22.2


1 (83)

-

14

- 1 851

(92) -

15

- 1 931

approach

Consolidated Statement of Cash Flows for the year ended 30 April 2016

164

(65)

151

(97)

500

575

480

519

-

1

-

-

19.2

(164)

(137)

(166)

(139)

26

(66)

(98)

(61)

(85)

22.2

(89)

(79)

(92)

(83)

25

(17)

(327)

(10)

(309)

Net cash flows from/(used in) operating activities 24

Dividends received Finance costs paid Tax paid Dividends paid Changes in operating capital Net cash flows (used in)/from investment activities

(142)

53

(138)

118

Purchase of property, plant and equipment

27

(122)

(89)

(120)

(88)

Proceeds from the disposal of property, plant and equipment

28

2

4

2

4

Proceeds from the sale of available-for-sale financial asset

1

-

1

-

Increase of investments in subsidiaries

-

-

(20)

(19)

(26)

(2)

(26)

(2)

Dividends received from investments in joint ventures

3

7

3

8

Dividends received from subsidiaries

-

1

-

Additional investments in joint ventures

5.1.9

Additional loans received from related parties

29

7

35

7

35

Repayment of loans from related parties

29

(8)

(17)

(8)

(19)

Additional loans advanced to related parties

29

(36)

-

(64)

(3)

Repayment of loans to related parties

29

37

115

86

202

22

(12)

13

21

Net cash flows before financing activities

(5)

-

-

(5)

-

-

Repayment of interest-bearing loans

(650)

(350)

(650)

(350)

Proceeds from interest-bearing loans

650

350

650

350

Net increase/(decrease) in cash and cash equivalents

22

(17)

13

21

Cash and cash equivalents - beginning of the year

13

30

6

(15)

Cash and cash equivalents - end of the year

35

13

19

6

12.2


Treasury shares purchased

sustainability

-

Net cash used in financing activities

overview

2015 R’m

reports

2016 R’m

the business

2015 R’m

Notes Cash from operating activities

2016 R’m

COMPANY


GROUP


89

Segmental review SEGMENTAL INFORMATION For management and control purposes, the group is divided into business units based on their products, services and clients and consists of the following reportable segments:

Financial Services (Senwes Credit, Senwes Asset Finance & Certisure group)

Input Supply (Senwes Equipment, JD Implemente, Hinterland group & Grasland Ondernemings)

Market Access (Senwes Grainlink, Tradevantage, Graanmakelaars, Grainovation & ESC)

Corporate (Molemi Sele, Senwes Share Incentive Trust, Thobo Trust, Senwes Capital, Senwes Agrowth)

Credit extension to agricultural producers and grain buyers. Senwes Credit also renders agricultural services to its growing client base. Certisure includes commission received on short-term, crop and life insurance premiums and administration fees. Sales at retail outlets, direct sales of farming input requirements and sales of mechanisation goods and spare parts. Income received from the handling and storage of agricultural produce as well as the transportation of grain commodities. Commission earned on marketing of grain and revenue from the sale of grain. Electronic issuing and trading of silo certificates. Head office services, information technology, human resources, properties, central administration, fleet management, secretarial services, legal services, corporate marketing, risk management, internal audit, strategic development, group finance, corporate finance, treasury and directors.

Income tax is managed on a group basis and is not allocated to operating segments. Services rendered between related parties as reflected in operating segments are on an arms length basis in a manner similar to transactions with third parties. Management monitors the operational results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segmental performance is evaluated, based on operating profit or loss, and is measured consistently against operating profit or loss in the consolidated financial statements.

SEGMENTAL REVENUE AND RESULTS Senwes group operates in South Africa only.

GROUP 2016 R’m

2015 R’m

SEGMENTAL REVENUE

2015 R’m

SEGMENTAL PROFIT/(LOSS)

230 224 6 -

219 205 14 -

74 224 (66) (92) 8

99 205 ( 40) (73) 7

Input supply (Senwes Equipment, JD Implemente, Hinterland group & Grasland Ondernemings) Income from the sale of goods and services rendered Intragroup sales Finance costs Loss from joint ventures

1 429

1 463

5

89

1 447 (18) -

1 466 (3) -

46 (18) (23)

101 (10) (2)

Market access (Senwes Grainlink, Tradevantage, Graanmakelaars, Grainovation & ESC) Income from commodity trading, sale of goods and services rendered Intragroup sales Finance costs Profit from joint ventures Normal operational activities

7 468

6 985

181

210

12 401 (4 933) 9 127

10 798 (3 813) 8 667

218 (40) 3 260

259 (51) 2 398

101

88

(47)

(65)

9 228

8 755

Profit before tax from continuing and discontinued operations Taxation Profit for the year from continuing and discontinued operations

213 (57) 156

333 (86) 247

(Profit)/loss after tax from discontinuing operations Market access Profit after tax from continuing operations

(19) (19) 137

50 50 297

Financial services (Senwes Credit, Senwes Asset Finance & Certisure group) Finance income Operating activities Finance costs Profit from joint ventures

Corporate activities (SLA-income, rental income, joint ventures interest income and finance costs) Total revenue

90

2016 R’m


-

approach

NET SEGMENTAL ASSETS 2015 R’m

ASSETS Financial services Input supply* Market access Total operations Corporate Total segmental assets/(liabilities) Deferred tax Total

2 812 724 966 4 502 134 4 636 24 4 660

2016 R’m

2015 R’m

LIABILITIES 2 800 1 052 752 4 604 123 4 727 20 4 747

(1 618) (425) (569) (2 612) (166) (2 778) (2 778)

2016 R’m

2015 R’m

NET

(1 535) (730) (422) (2 687) (262) (2 949) (2 949)

1 194 299 397 1 890 (32) 1 858 24 1 882

1 265 322 330 1 917 (139) 1 778 20 1 798

2015 R’m

2016 R’m

2015 R’m

*Assets include net investment in Hinterland joint venture of R99 million (2015: R119 million)

reports

2016 R’m

overview

GROUP

SEGMENTAL DISCLOSABLE ITEMS

2015 R’m

CAPITAL EXPENDITURE Financial services Input supply Market access Corporate Total

11 79 32 122

21 51 17 89

2016 R’m

NON-CASH TRANSACTIONS*

DEPRECIATION

7 20 12 39

6 20 12 38

44 17 61

14 ( 3) 51 62


sustainability

*Non-cash transactions consist of provisions made


2016 R’m

the business

GROUP


91