Wrap Text
Unaudited condensed consolidated interim results for the six months ended 30 June 2020
GRINDROD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND and GNDP
ISIN: ZAE000072328 and ZAE 000071106
("Grindrod" or "the Company")
Unaudited condensed consolidated interim results for the six months ended 30 June 2020
COMMENTARY
Grindrod's performance was resilient in the first half of the year to 30 June 2020 with trading profit up on the first
half of the prior year.
Cash generated from operations is R507.4 million, up 40% on the prior year. Additional banking facilities advanced of
R450.0 million remain available. The balance sheet continues to be strong with net debt to equity of 5%.
Port and Terminals reported good volumes through the Maputo Port and Matola Terminal. The Seafreight business and its
landside container operation achieved earnings growth underpinned by its increased port activities. Grindrod's presence
in the northern Mozambique gas region gained momentum with four barges now on charter. Continued effort in aligning all
parties on the North-South corridor remained a focus with deployment of locomotives and wagons now also on
the Dar es Salaam corridor.
Grindrod Bank continues to operate cautiously during this time ensuring that its liquidity cover and capital adequacy
ratios remain above minimum regulatory requirements.
Whilst the core business remained buoyant, COVID-19 specific actions resulted in once off adjustments. These included
dividend withholdings tax of R31.6 million on repatriation of undistributed profits of US$27.9 million from Mozambique
and a R90.0 million mark to market adjustment on the Grindrod Shipping shares held.
The discontinued businesses comprise the Marine Fuel, Agricultural Logistics businesses and the private equity portfolio.
COVID-19 impacted valuations of the private equity portfolio, resulting in impairments and fair value adjustments of
R270.2 million.
TOTAL OPERATIONS
Results presented below include continuing and discontinued operations
Unaudited
Unaudited 30 June 2019
30 June 2020 R000 %
R000 Restated* change
Revenue 1 816 095 1 857 141 (2)
Trading profit 464 895 414 520 12
Weighted average number of shares^ 677 532 680 483
Basic loss per share (cents) (44.4) (75.3) 41
Headline loss per share (cents) (34.2) (17.8) (92)
Net asset value per share 1 234 1 175 5
* Restated for IFRS 10 Consolidated Financial Statements.
^ Weighted average number of shares includes 64.0 million shares treated as treasury shares following consolidation of
the BBBEE consortium since 2018.
DECLARATION OF FINAL DIVIDEND
Ordinary dividend
Notice is hereby given of the decision not to declare an interim dividend for the six months ended 30 June 2020 as a
prudent and precautionary measure to manage the impact of the COVID-19 pandemic (2019 H1: 5.0 cents).
At the date of this announcement, there were 762 553 314 issued ordinary shares.
Preference dividend
Notice is hereby given that a gross interim dividend of 381.0 cents (2019 H1: 447.0 cents) per cumulative, non-redeemable,
non-participating and non-convertible preference share has been declared out of income reserves for the six-month period
ended 30 June 2020, payable to preference shareholders in accordance with the timetable below.
At the date of this announcement, there were 7 400 000 cumulative, non-redeemable, non-participating and non-convertible
preference shares in issue. The interim net preference dividend is 304.8 cents per share for preference shareholders who
are not exempt from dividends tax.
With respect to the preference dividend, in terms of the dividends tax effective since 22 February 2017, the following
additional information is disclosed:
The local dividends tax rate is 20% and Grindrod Limited's tax reference number is 9435/490/71/0.
Preference dividend timetable
Declaration and finalisation date Thursday, 27 August 2020
Last date to trade cum-dividend Monday, 21 September 2020
Securities start trading ex-dividend Tuesday, 22 September 2020
Record date Friday, 25 September 2020
Payment date Monday, 28 September 2020
No dematerialisation or rematerialisation of shares will be allowed for the period Tuesday, 22 September 2020 to
Friday, 25 September 2020, both days inclusive.
The dividend is declared in the currency of the Republic of South Africa.
Directors' statement
This short-form announcement is the responsibility of the directors and is only a summary of the information of the full
announcement and does not contain full or complete details.
The full announcement is available on the JSE's website (https://senspdf.jse.co.za/documents/2020/jse/isse/GNDE/ie2020.pdf),
and for inspection at no charge, Monday to Friday, during office hours at the company's registered office, or at the office
of the Sponsor, or from the company secretary by emailing Vicky.Commaille@grindrod.com.
Any investment decision by investors and/or shareholders should be made having considered the full announcement as a whole.
By order of the board
VB Commaille
Group company secretary
26 August 2020
Registered office and business address
Grindrod Mews,
106 Margaret Mncadi Avenue,
Durban, 4001
Sponsor
Nedbank CIB
3rd Floor, Rivonia Campus,
135 Rivonia Campus,
Sandown, Sandton, 2196
27 August 2020
Date: 27-08-2020 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
