GNDE - GRINDROD LIMITED - Trading Statement

21/02/2017 17:50:00

GND GNDP 201702210060A
Trading Statement

Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE 000071106
(“Grindrod” or “the Company”)


Shareholders are advised that the headline loss for the year ended 31 December 2016 is expected
to be between R 455 million and R 465 million. Following the first half headline loss of R 381 million
the result reflects a gradual improvement in volumes and rates in the second half of the year. The
prior year reflected positive headline earnings of R 559 million.

The improvement in the drybulk shipping rates from their lows in the first half and the continued good
performance in the ship operating, coastal tanker and bunker barge businesses has positively
impacted results. Rates in the tanker market have declined during the year, reflecting the effects of
the high product stock levels and new building deliveries.

Freight services performance reflects improved trading conditions during the second half, following
an improvement in commodity pricing and consequently improved terminals and port volumes. The
Rail assembly business held for sale reported continued trading losses due to the lack of an order

Grindrod Bank again performed well, with solid performance across all of its businesses.

Impairments in the second half of R 444 million have been made in the rail division and R 183 million
on the decision to sell three of the groups older ships. The impact was partially mitigated by the
foreign currency profit release of R 120 million on disposal of the coal trading business.

As a consequence of the above, Grindrod expects the loss for the year ended 31 December 2016 to
be between R 1 695 million and R 1 720 million. Shareholders are advised that the headline loss for
the year is expected to be between 62.0 and 60.5 cents per share (31 December 2015: Headline
earnings of 74.4 cents per share) and a loss per share of between 226 and 229 cents per share (31
December 2015: loss of 189.8 cents per share).

With total assets in excess of R36 billion (2015: R36 billion) and low gearing, the group's financial
position remains strong.
The information contained in this trading statement has not been reviewed nor reported on by the
company's external auditors.

Grindrod will release its final results to shareholders on Thursday, 2 March 2017 and will be holding
an investor presentation in Johannesburg on that day.

By order of the board
21 February 2017
Sponsor: Grindrod Bank Limited

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