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Restatement of prior period results - GNDI
GRINDROD BANK LIMITED
(Registration no 1994/007994/06)
Incorporated in the Republic of South Africa
JSE alpha code: GNDI
(“Grindrod Bank”)
RESTATEMENT OF PRIOR PERIOD RESULTS
Further to the announcement relating to the availability of Grindrod Bank’s 2018 annual financial
statements (“2018 AFS”) dated 30 April 2019, debt investors are advised that the 2018 AFS contain
restatements relating to the 2017 financial year as a result of a correction in the statement of profit
or loss and other comprehensive income with no impact on total comprehensive income for the year
(the “2017 restatements”).
The 2017 restatements arose as a result of the previous period’s income being classified based on the
legal or commercial form (fee income and interest income) with additional disclosure in the notes to
show the IFRS classifications. In the 2018 AFS, various comparative figures relating to the 2017
financial year were reallocated between interest and similar income or expense and other operating
income to be consistent with the current period classifications. Full details of the restatements are set
out in note 39 of the 2018 AFS.
Date: 3 May 2019
Debt Sponsor: Nedbank CIB, a division of Nedbank Limited
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