GNDE - GRINDROD LIMITED - Trading Statement

17/02/2015 13:30:00

GNDP GND 201502170024A
Trading Statement

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


In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a company
is required to publish a trading statement as soon as it becomes aware, with a reasonable degree
of certainty, that the financial results for the next period to be reported on are likely to vary by more
than 20% from the previous corresponding period.

Shareholders are advised that headline earnings for the twelve month period ended 31 December
2014 is expected to be between R715,8 million and R750,9 million which is an increase of between
2% and 7% (2013: R701,8 million). As a result of the realisation of a large foreign currency
translation reserve in the prior year, earnings for the period to 31 December 2014 is expected to be
between R1 024 million and R965 million which is a decrease of between 13% and 18% (2013:
R1 177 million).

During the year the company increased the number of issued shares by 27% to 751 million and
consequently weighted average number of issued shares increased by 15% to 678 million.

As a consequence of the share issue Grindrod expects its headline earnings per share for the
twelve month period ended 31 December 2014 to be between 110,4 and 104,5 cents per share
which is a decrease of between 7% and 12% (2013:118,7 cents per share) and its earnings per
share to be between 153,3 and 143,4 cents per share which is a decrease of between 23% and
28% (2013: 199,1 cents per share).

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 31 December 2014 on 25 February 2015 and will be holding
investor presentations in Johannesburg 25 February 2015, Cape Town 26 February 2015 and
Durban 27 February 2015.
By order of the board
17 February 2015
Sponsor: Grindrod Bank Limited

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