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GNDE - GRINDROD LIMITED - Audited Results and Dividend Announcement for the year ended 31 December 2012

27/02/2013 07:05:00

GND GNDP 201302270003A
Audited Results and Dividend Announcement for the year ended 31 December 2012

GRINDROD LIMITED
Registration number: 1966/009846/06
Incorporated in the Republic of South Africa
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE000071106

AUDITED RESULTS AND DIVIDEND ANNOUNCEMENT
for the year ended 31 December 2012

- Attributable income up 61% to R853,3 million (2011: R530,9 million)
- Headline earnings per share up 22% to 121,9 cents (2011: 99,6 cents)
- Final ordinary dividend up 28% to 15,4 cents per share (2011: 12,0 cents)
- Conclusion of significant joint ventures and acquisitions across coal, fuel,
seafreight, rail and agency service businesses
- Cash generated from operations R1,4 billion

CONDENSED CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2012

Audited Audited
31 December 31 December
Change 2012 2011
% R000 R000

Revenue (24) 27 262 223 35 885 258
Earnings before interest, taxation, depreciation
and amortisation (5) 953 825 1 005 537
Depreciation and amortisation (412 430) (362 979)
Operating profit before interest and taxation 541 395 642 558
Non-trading items 199 689 60 152
Interest received 206 941 169 709
Interest paid (227 398) (218 647)
Profit before share of associate and joint venture
companies profit 10 720 627 653 772
Share of associate companies profit after taxation 9 385 4 291
Share of joint venture companies profit after taxation 340 029 114 024
Profit before taxation 1 070 041 772 087
Taxation (148 228) (175 363)
Profit for the year 54 921 813 596 724
Attributable to:
Ordinary shareholders 61 853 266 530 905
Preference shareholders 57 297 53 271
Owners of the parent 910 563 584 176
Non-controlling interests 11 250 12 548
921 813 596 724
Exchange rates (R/US$)
Opening exchange rate 8,11 6,62
Closing exchange rate 8,48 8,11
Average exchange rate 8,22 7,27

Audited Audited
31 December 31 December
Change 2012 2011
% R000 R000
Reconciliation of headline earnings
Profit attributable to ordinary shareholders 853 266 530 905
Adjusted for: (133 759) (54 543)
IAS 38 Impairment of goodwill 21 045 9 168
IAS 38 Impairment of other investment 11 208 5 849
IAS 16 Impairment/(reversal of impairment) of
ships, intangibles, plant and equipment 178 648 (18 067)
IFRS 3 Net profit on disposal of investments (312 887) (48 180)
IAS 16 Net loss/(profit) on disposal of plant
and equipment 2 023 (8 922)
IAS 21 FCTR adjustment on disposal of investment (33 965)
Joint ventures:
IAS 16 Impairment of ships, plant, equipment
and property 20 305
Total taxation effects of adjustments (20 136) 5 609
Headline earnings 51 719 507 476 362
Ordinary share performance
Number of shares in issue less treasury shares (000s) 590 486 589 536
Weighted average number of shares on which
earnings per share are based (000s) 23 590 097 478 234
Diluted weighted average number of shares on
which diluted earnings per share are based (000s) 24 592 728 479 192
Earnings per share (cents)
Basic 30 144,6 111,0
Diluted 30 144,0 110,8
Headline earnings per share (cents)
Basic 22 121,9 99,6
Diluted 22 121,4 99,4
Dividends per share (cents) 12 32,9 29,5
Interim 17,5 17,5
Final 15,4 12,0
Dividend cover (times) 4,4 3,8

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
Audited Audited
31 December 31 December
2012 2011
R000 R000

Ships, property, terminals, vehicles and equipment 5 443 757 5 267 565
Investment property 33 826 22 096
Intangible assets 679 643 547 931
Investments in associates 512 646 266 081
Investments in joint ventures 1 668 233 719 528
Deferred taxation 107 435 89 472
Other investments and derivative financial assets 325 888 129 478
Recoverables on cancelled ships 379 050 380 566
Total non-current assets 9 150 478 7 422 717
Loans and advances to bank customers 3 188 454 2 542 048
Liquid assets and short-term negotiable securities 626 378 190 259
Short-term loans 518 819 303 513
Bank balances and cash 4 226 367 15 133
Other current assets 4 089 390 6 580 161
Non-current assets held for sale 273 615 3 467 286
Total current assets 9 734 569 10 556 352
Total assets 22 073 501 20 521 117
Shareholders equity 10 114 356 9 216 769
Non-controlling interests 126 533 94 336
Total equity 10 240 889 9 311 105
Interest-bearing borrowings 2 028 392 2 226 575
Financial services funding instruments 813 947
Deferred taxation 147 004 124 796
Provision for post-retirement medical aid 49 426 52 336
Other non-current liabilities 58 611 33 669
Non-current liabilities 3 097 380 2 437 376
Deposits from bank customers 4 661 346 2 910 945
Current interest-bearing borrowings 1 987 398 2 017 190
Financial services funding instruments 193 519 130 514
Other liabilities 1 741 914 1 297 037
Non-current liabilities associated with assets held for sale 151 055 2 416 951
Total current liabilities 4 073 887 5 861 692
Total equity and liabilities 22 073 501 20 521 117
Net worth per ordinary share at book value (cents) 1 609 1 454
Net debt:equity ratio 0,07:1 0,10:1
Capital expenditure 1 209 563 1 166 228
Capital commitments 647 324 472 423
Authorised by directors and contracted for 185 857 247 016
Due within one year 185 857 199 190
Due thereafter 47 826
Authorised by directors, not yet contracted for 461 467 225 407

SEGMENTAL ANALYSIS
for the year ended 31 December 2012
Audited Audited
31 December 31 December*
2012 2011
R000 R000
Revenue
Freight Services 3 929 411 3 190 083
Trading 27 074 222 29 756 780
Shipping 4 009 832 3 914 926
Financial Services 252 686 193 558
Group 911 433
35 267 062 37 055 779
Segmental adjustments** (8 004 839) (1 170 521)
27 262 223 35 885 258
Earnings before interest, taxation, depreciation and amortisation
Freight Services 729 753 680 726
Trading 258 660 218 474
Shipping 308 390 245 322
Financial Services 127 702 81 512
Group (10 340) (1 312)
1 414 165 1 224 722
Segmental adjustments** (460 340) (219 185)
953 825 1 005 537
Operating profit before interest and taxation
Freight Services 509 842 480 689
Trading 241 815 202 866
Shipping 65 154 53 729
Financial Services 126 380 80 462
Group (13 973) (4 623)
929 218 813 123
Segmental adjustments** (387 823) (170 565)
541 395 642 558
Share of associate companies profit after taxation
Freight Services 50 196 4 291
Trading (815)
49 381 4 291
Segmental adjustments** (39 996)
9 385 4 291
Profit/(loss) attributable to ordinary shareholders
Freight Services 793 328 317 831
Trading 113 546 143 989
Shipping (169 710) 6 801
Financial Services 65 145 58 398
Group 50 957 3 886
853 266 530 905

* Restated due to segmental adjustments in relation to IFRS and operating segments.
** Joint venture earnings are reviewed together with subsidiaries by the key decision maker. Segmental
adjustments relate to joint ventures necessary to reconcile to IFRS presentation.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2012

Equity Foreign Other
Ordinary Preference compen- currency Business non- Accumu- Interest of Non- Interest
share share Share sation translation combination Hedging distributable lated owners of controlling of all
capital capital premium reserve reserve reserve reserve reserve profit the parent interests shareholders
R000 R000 R000 R000 R000 R000 R000 R000 R000 R000 R000 R000

Balance at 31 December 2010 9 2 28 671 37 300 (160 461) (152 706) 6 104 046 5 856 861 113 854 5 970 715
Share options exercised 2 612 2 612 2 612
Share-based payments 647 647 647
Share issue 3 1 999 997 2 000 000 2 000 000
Share issue expenses (18 810) (18 810) (18 810)
Treasury shares sold 1 945 1 945 1 945
Non-controlling interest acquired (18 718) (18 718) (26 277) (44 995)
Profit for the year 584 176 584 176 12 548 596 724
Other comprehensive income 904 559 159 665 1 064 224 (2 585) 1 061 639
Total comprehensive income 1 648 400 9 963 1 658 363
Ordinary dividends paid (202 897) (202 897) (3 204) (206 101)
Preference dividends paid (53 271) (53 271) (53 271)
Balance at 31 December 2011 12 2 2 014 415 37 947 744 098 (18 718) 6 959 6 432 054 9 216 769 94 336 9 311 105
Share options exercised 7 839 7 839 7 839
Share-based payments 4 179 4 179 4 179
Treasury shares sold 2 989 2 989 2 989
Business acquisitions/(disposals) (31 160) (31 160) 23 397 (7 763)
Non-controlling interest disposed 2 849 2 849
Profit for the year 910 563 910 563 11 250 921 813
Other comprehensive income 261 162 5 998 (7 204) (25 000) 234 956 2 588 237 544
Total comprehensive income 1 145 519 13 838 1 159 357
Ordinary dividends paid (174 482) (174 482) (7 887) (182 369)
Preference dividends paid (57 297) (57 297) (57 297)
Balance at 31 December 2012 12 2 2 025 243 42 126 1 005 260 (12 720) (245) (25 000) 7 079 678 10 114 356 126 533 10 240 889

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
Audited Audited
31 December 31 December
2012 2011
R000 R000

Profit for the year 921 813 596 724
Other comprehensive income
Exchange differences on translating foreign operations
Exchange differences arising during the year 263 750 901 974
Cash flow hedges
(Losses)/profits during the year (6 345) 161 735
Reclassification adjustments for amounts recognised in assets (859) (2 070)
Business combination release 5 998
Fair value loss arising on available-for-sale investments (25 000)
Total comprehensive income for the year 1 159 357 1 658 363
Total comprehensive income attributable to:
Owners of the parent 1 145 519 1 648 400
Non-controlling interests 13 838 9 963
1 159 357 1 658 363
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2012

Audited Audited
31 December 31 December
2012 2011
R000 R000

Operating profit before working capital changes 890 190 1 069 342
Working capital changes 532 465 (1 264 377)
Cash generated from/(utilised in) operations 1 422 655 (195 035)
Net interest paid (20 457) (125 180)
Net dividends paid (215 472) (230 115)
Taxation paid (101 985) (63 004)
1 084 741 (613 334)
Net bank advances to customers and other short-term negotiables 667 876 453 489
Net cash flows generated from/(utilised in) operating activities
before ships sales and purchases 1 752 617 (159 845)
Refund on ships under construction cancelled 16 846
Capital expenditure on ships and locomotives (242 372) (842 831)
Net cash flows generated from/(utilised in) operating activities 1 527 091 (1 002 676)
Acquisition of property, terminals, vehicles and equipment (949 300) (320 494)
Acquisition of other investments (95 046) (30 190)
Proceeds from disposal of property, terminals, vehicles
and equipment and investments 499 936 111 061
Proceeds from repayment of share capital by joint venture 262 235
Intangible assets acquired (17 891) (2 903)
Loans advanced to joint venture and associate companies (73 186) (13 249)
Net cash flows (utilised in)/generated from investing activities (635 487) 6 461
Net proceeds from issue of ordinary share capital 7 839 1 983 803
Proceeds from disposal of treasury shares 2 989 1 945
Long-term interest-bearing debt raised 1 432 603 1 548 382
Payment of capital portion of long-term interest-bearing debt (834 015) (708 718)
Short-term interest-bearing debt (repaid)/issued (126 514) 179 130
Net cash flows from financing activities 482 902 3 004 542
Net increase in cash and cash equivalents 1 374 506 2 008 327
Cash and equivalents at beginning of the year 2 901 050 903 846
Difference arising on translation (25 306) (11 123)
Cash and cash equivalents at end of the year 4 250 250 2 901 050

BUSINESS COMBINATIONS
for the year ended 31 December 2012

Acquisition of subsidiaries, joint ventures and associates
During the year, the group acquired the following additional interests:

Interest Purchase
Nature of Percentage acquired consideration
Company acquired business acquired 2012 R000
Ocean Africa Container Lines (Pty) Ltd Seafreight 51,0 1 January
Petrologistics Botswana (Pty) Ltd Logistics 75,5 1 June 28 891
JFM Sturrock Holdings (Pty) Ltd Ships agencies 50,0 1 November
Grey Haven Riches 27 Limited (Plexus) Financial 95,1 31 July 50 414
Vitol Coal South Africa BV Trading 35,0 1 January 156 643
New Limpopo Bridge Projects Limited Rail 46,4 1 July 388 478
Russelstone Protein (Pty) Ltd Soybean crushing 30,0 1 September 29 060
Total purchase consideration 653 486

Reasons for acquisitions
The primary reasons for the business acquisitions were to acquire outstanding non-controlling
interests to consolidate Grindrods position and to expand Grindrods presence into new markets and
geographical areas.

Impact of the acquisitions on the results of the group
From the dates of their acquisition, the acquired businesses contributed attributable profit of
R79 486 000.

Net assets acquired in the subsidiaries transactions and the goodwill/intangible assets arising, are as
follows:

Acquirees carrying amount before
combination at fair value
Net assets acquired R000
Property, plant and equipment 54 707
Interest in associate companies 208 899
Interest in joint venture companies 156 643
Investments 4 304
Taxation 1 687
Working capital (90 320)
Cash and bank 158 954
Non-controlling interest (8 037)
Long-term liabilities (27 431)
Deferred taxation (5 260)
Total 454 146
Goodwill and intangible assets arising on acquisition 170 280
Purchase consideration relating to associate 29 060
653 486

The goodwill arising on the acquisition of these businesses is attributable to the anticipated profitability
of these businesses and synergies expected.

Disposal of subsidiaries, joint ventures and associates
During the year the group disposed of the following interests:

Interest Disposal
Nature of Percentage disposed consideration
Company disposed business disposed 2012 R000
Terminal De Carvo da Matola Limitada
(Mozambique) Terminals 35,0 1 January 444 379
Clearing and
Rohlig-Grindrod (Pty) Ltd forwarding 7,5 1 June
Grindrod Ships Agencies (Pty) Ltd Ships agencies 50,0 1 November
Grindrod Ships Agencies (Mozambique)
Limited Ships agencies 50,0 1 November
Sinpor Trading (Pty) Ltd Steel trading 100,0 9 November 456
Marine fuel
Cockett Holdings Limited and lubricants 50,0 30 June 16 045
Grindrod Trading and Bunkering
Netherlands BV (Bunker trading) Bunker trading 50,0 30 June 11 298
Marine fuel
Equus Investments Limited and lubricants 50,0 30 June 132 608
Cockett Marine Oil Asia, a division of Marine fuel
Grindrod Trading Asia Pte Ltd and lubricants 50,0 30 June 50 319
Marine fuel
Cockett Marine South Africa (Pty) Ltd and lubricants 50,0 30 June 673
Total disposal consideration 655 778

Reason for disposals
The primary reason for the disposals was to expand Grindrods presence into new markets and
geographics together with chosen partners.

Fair value
Net assets disposed R000
Property, plant and equipment 5 975
Intangible assets 13 388
Interest in associate companies 28 862
Investments (98 775)
Working capital (148 701)
Cash and bank 199 223
Non-controlling interest (8 037)
Short-term liabilities (1 476)
Deferred taxation 3 666
Non-current assets disposed 622 460
Total 616 585
Profit on disposal 39 193
655 778
Contingent assets/liabilities

The company has guaranteed loans and facilities of subsidiaries and joint ventures amounting to
R6 422 946 000 (2011: R5 101 000 000) of which R3 104 728 000 (2011: R2 372 000 000) had been
utilised at year-end.

The company has guaranteed charter hire payments and other guarantees of subsidiaries amounting
to R1 524 356 000 (2011: R1 501 250 000). The charter hire payments are due by the subsidiaries in
varying amounts from years 2012 to 2019.

On disposal of an interest in an entity, the acquirer has agreed to compensate the group if certain
targets are met. At reporting date, the achievability of these targets was undetermined.

Leases and shipcharters
Audited Audited
31 December 31 December
2012 2011
R000 R000
Operating leases and ship charters
Income 763 267 659 412
Expenditure 2 652 727 3 768 860
Finance lease liabilities 75 861 56 817

PREPARER OF CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
for the year ended 31 December 2012

These annual financial statements have been prepared under the supervision of AG Waller, CA (SA).

AG Waller
Group Financial Director
26 February 2013

Business review

Overview
With Grindrods businesses focused on offering end-to-end commodity supply chain solutions in
the movement of liquid bulk, drybulk and containerised and vehicle commodities, a concerted effort
was made during the year to remain focused on executing the strategy, managing risks and meeting
financial targets.

Notable strategic initiatives to progress the strategy of delivering an integrated freight and logistics
service and investing in infrastructure assets and opportunities with high barriers to entry, include:

- Developing infrastructure to expand the capacity of the Port of Maputo;
- Increasing the capacity of the Maputo coal terminal;
- Investing in rail through increasing the locomotive manufacturing capacity and investments in rail
technology and concession businesses; and
- Partnering with Vitol, one of the worlds larger energy trading businesses, in a number of Grindrods
coal and fuel related businesses to increase access to global markets.

These initiatives, along with a number of others, are positioning the group for further growth.

The group generated earnings of R853,3 million for the year ended 31 December 2012
(2011: R530,9 million), representing a 61% increase on the prior year. Earnings growth on the prior
year was achieved in the Freight Services and Financial Services divisions. Trading was up 12% on
a comparable basis when adjusting for the sale of 50% of the marine fuels business at the end of
June 2012. Shipping continues to be impacted by the weak shipping markets which necessitated
some impairments of the vessels.

Headline earnings per share increased by 22% to 121,9 cents (2011: 99,6 cents). The non-trading
items include the profit on sale of a share in the Maputo coal terminal, loss on disposal of 50% of the
marine fuels business and the impairment of ships, equipment and goodwill.

Earnings per share is calculated on a weighted average of 590 million shares, up 112 million from the
previous year, primarily as a result of the specific issue in November 2011.

A Total ordinary dividend of 32,9 cents per share (2011: 29,5 cents per share) has been declared.

The groups statement of financial position remains sound with total assets of R22,1 billion
(2011: R20,4 billion). The net debt:equity ratio is 7% at 31 December 2012 (2011: 10%). Book net
asset value per share is R16,09 (2011: R14,54).

Capital expenditure and commitments
Capital expenditure and investments, for the year ended 31 December 2012 amounted to R1 305 million
(2011: R1 166 million), of which 85% was expansionary and the balance maintenance or replacement
capital expenditure. The capital expenditure comprised payments on two drybulk ships, two tankers,
the Maputo coal terminal Phase 3,5 expansion project, locomotives, a rail concession business and
coal trading contracts.

Capital Capital commitments Split as follows
expenditure Approved Approved
not and
R million 2012 2013 2014 2015+ Total contracted contracted
Freight Services 982 597 84 18 699 442 257
Logistics 219 252 66 318 198 120
Ports and Terminals 189 329 18 18 365 244 121
Rail 574 16 16 16
Trading 203 32 1 1 34 10 24
Shipping 591 470 8 478 9 469
Drybulk 359 103 8 111 9 102
Tankers 232 367 367 367
Financial Services 66
Group 7 6 4 3 13 12 1
1 849 1 105 97 22 1 224 473 751

Split as follows:
Subsidiaries 1 370 537 89 22 648 461 187
Joint ventures 479 568 8 576 12 564

The group is confident that it has adequate funding for capital commitments through its cash resources
and banking facilities.

Cash flow and borrowings
Operating profit before working capital adjustments was R890,2 million (2011: R1 069 million). The
groups working capital position reflects a net inflow for the period of R532,5 million, largely due to
the disposal of a 50% interest in the marine fuels business, now treated as a joint venture. Capital
expenditure on ships, locomotives and terminals was offset by proceeds from the sale of a 35% interest
in the Maputo coal terminal. These movements resulted in the net debt position at 31 December 2011
of R889,7 million decreasing to R745,5 million at 31 December 2012 and the net debt:equity ratio
declined to 7% (2011: 10%).

Shareholders equity
The total number of ordinary shares in issue is 599 665 314. The 9 179 348 ordinary shares repurchased
in prior years continue to be held in treasury. Of these, 2 302 884 shares have been allocated to the group
forfeitable share plan, as approved by shareholders at the Annual General Meeting on 30 May 2012.

Basis of preparation
The condensed consolidated financial information has been prepared and presented in accordance with
the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council, the listing requirements of the JSE Limited, the information as required by IAS 34:
Interim Financial Reporting and the requirements of the South African Companies Act 71 of 2008. The
report has been prepared using accounting policies that comply with IFRS which are consistent with
those applied in the financial statements for the year ended 31 December 2012.

These condensed consolidated annual financial statements were approved by the board of directors
on 26 February 2013.

Accounting policies
The accounting policies adopted and methods of computation used in the preparation of the condensed
consolidated annual financial statements are in terms of IFRS and are consistent with those of the
consolidated annual financial statements for the year ended 31 December 2011.

Audit opinion
The auditors, Deloitte & Touche have issued their opinion on the groups financial statements for the
year ended 31 December 2012.

The audit was conducted in accordance with International Standards on Auditing. They have issued
an unmodified audit opinion. These condensed consolidated annual financial statements have been
derived from the group financial statements and are consistent in all material respects with the group
financial statements. A copy of their audit report is available for inspection at the companys registered
office.

Any reference to future financial performance included in this announcement, has not been reviewed or
reported on by the companys auditors.

The auditors report does not necessarily cover all of the information contained in this announcement/
financial report. Shareholders are therefore advised that in order to obtain a full understanding of the
nature of the auditors work, they should obtain a copy of that report together with the accompanying
financial information from the registered office of the company.

Directorate/executive
Messrs JJ Durand and PJ Liddiard (as alternate) were appointed to the board with effect from
9 May 2012 due to the tragic loss of Mr MH Visser on 26 April 2012. Mr Vissers contribution will be
missed by the group.

Messrs AC Brahde and GG Gelink were appointed to the board with effect from 1 January 2013.
Mr WP Hartmann, responsible for the Trading division, was appointed to the executive committee on
1 June 2012 following the resignation of Mr AF Stewart from the board on 31 May 2012. The board of
directors express appreciation for Mr Stewarts contribution.

Ms B Ntuli was appointed to the executive committee in the position of Executive of Corporate Services
on 1 December 2012.

Mr CAS Robertson resigned as Company Secretary on 1 February 2013 and was replaced by
Mrs CI Lewis.

Post balance sheet events
There are no material post balance sheet events to report.

Prospects
Grindrod is well positioned for growth, however drybulk shipping markets are likely to remain under
pressure which will continue to impact the shipping earnings.

For and on behalf of the board

IAJ Clark AK Olivier
Chairman Chief Executive Officer

Declaration of final dividend

Preference dividend
Notice is hereby given that a gross final dividend of 379,0 cents per cumulative, non-redeemable,
non-participating and non-convertible preference share (2011: 363,0 cents) has been declared for the
year ended 31 December 2012, payable to preference shareholders in accordance with the timetable.

In terms of the dividend tax effective 1 April 2012, the following additional information is disclosed:

- The local dividend tax rate is 15%;
- No secondary tax on companies (STC) credits will be utilised for the final preference dividend;
- 7 400 000 cumulative, non-redeemable, non-participating and non-convertible preference shares
are in issue;
- The net preference dividend is 322,15000 cents per share for preference shareholders who are not
exempt from dividends tax; and
- Grindrod Limiteds tax reference number is 9435/490/71/0.

Ordinary dividend
Notice is hereby given that a gross final dividend of 15,4 cents per ordinary share (2011: 12,0 cents) has
been declared for the year ended 31 December 2012, payable to ordinary shareholders in accordance
with the timetable.

In terms of the dividend tax effective 1 April 2012, the following additional information is disclosed:

- The local dividend tax rate is 15%;
- STC credits of 1,48784 cents per share will be utilised for the final ordinary dividend;
- 599 665 314 ordinary shares are in issue;
- The net ordinary dividend is 13,31318 cents per share for ordinary shareholders who are not
exempt from dividends tax; and
- Grindrod Limiteds tax reference number is 9435/490/71/0.

Timetable
Last day to trade cum-dividend Thursday, 14 March 2013
Shares commence trading ex-dividend Friday, 15 March 2013
Record date Friday, 22 March 2013
Dividend payment date Monday, 25 March 2013

No dematerialisation or rematerialisation of shares will be allowed for the period Friday, 15 March 2013
to Friday, 22 March 2013, both days inclusive.

The dividends are declared in the currency of the Republic of South Africa.

By order of the board

CI Lewis
Group Company Secretary

26 February 2013

Corporate information

Directors
IAJ Clark (Chairman)*, AK Olivier (Chief Executive Officer), H Adams**, AC Brahde** (Norwegian),
JJ Durand*, MR Faku*, WD Geach**, GG Gelink**, IM Groves**, MJ Hankinson**, PJ Liddiard
(Alternate)*, DA Polkinghorne, DA Rennie, MR Wade (British), AG Waller (Group Financial Director),
SDM Zungu**
*Non-executive, ** Independent non-executive

Registered office
Quadrant House
115 Margaret Mncadi Avenue
Durban
4001
PO Box 1, Durban, 4000

Transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street
Johannesburg
2001
PO Box 61051, Marshalltown, 2107

Sponsor
Grindrod Bank Limited
First Floor, Building 3
North Wing, Commerce Square
39 Rivonia Road
Sandhurst
Sandton
2146
PO Box 78011, Sandton 2146

Registration number: 1966/009846/06
Incorporated in the Republic of South Africa
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE000071106
For more information, please refer to www.grindrod.co.za
Date: 27/02/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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