GNDE - GRINDROD LIMITED - Trading Statement

27/05/2016 13:30:00

GND GNDP 201605270037A
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 earnings per share and headline earnings per share for the six
months ending 30 June 2016 are expected to be negative (a decrease of more than 100%). The
prior year comparative period, being the six months that ended 30 June 2015, reflected positive
headline earnings per share of 43.6 cents and earnings per share of 40.3 cents.

The decrease is primarily as a result of the exceptionally weak drybulk shipping rates during the
first quarter. The market has recovered in the second quarter with improving drybulk shipping rates
however the recovery is at present insufficient to recover the first quarter losses.

Grindrod continues to have a strong balance sheet with adequate cash and minimal gearing. The
group is well positioned to weather the current commodity cycle.

The tanker shipping and ship operating businesses continued to perform well during the first

Low commodity volumes impacted the terminals and rail businesses whilst the remaining freight
businesses performed reasonably.

Grindrod Bank has continued to grow with solid performance across all of its businesses.

Once the Company has obtained more certainty, a further trading statement will be released on

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

By order of the board
27 May 2016
Sponsor: Grindrod Bank Limited

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