GNDE - GRINDROD LIMITED - Trading Statement

29/07/2015 14:00:00

GNDP GND 201507290029A
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”)


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 six month period ended 30 June 2015 are
expected to be between R320,6 million and R333,4 million (2014: R320,6 million) which is an
increase of between 0% and 4% and earnings are expected to be between R319,1 million and
R291,4 million (2014: R693,7 million) which is a decrease of between 54% and 58%.

Headline earnings were positively impacted by strong Tanker and Ship Operating earnings offsetting
the weak Drybulk Shipping market. Earnings include stronger performance from the Logistics
businesses, which partially offset the impact of the weak commodity markets on the Terminals and
Rail businesses.

The decline in earnings per share is attributed to the profit that was recognised in the prior period
as a consequence of the acquisition of the minority interests in the BEE joint ventures.

During the prior period the company issued 161,3 million shares and therefore applied a weighting
based on the timing of the issue. The current period reflects the full impact of the additional shares
in issue, increasing the weighted average number of shares by 22%.

As a consequence of the above, Grindrod expects its headline earnings per share for the six month
period ended 30 June 2015 to be between 44,7 and 42,6 cents per share (2014: 52,0 cents per
share) which is a decrease of between 14% and 18% and its earnings per share to be between 42,8
and 38,3 cents per share (2014: 112,5 cents per share) which is a decrease of between 62% and

The information contained in this trading statement has not been reviewed nor reported on by the
company's external auditors.

Grindrod will release its interim results to 30 June 2015 on 21 August 2015 and will be holding an
investor presentation in Johannesburg on that day.

By order of the board
29 July 2015
Sponsor: Grindrod Bank Limited

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