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Change Statement and notice of filing Annual Report on Form 20-F with the SEC
GRINDROD SHIPPING HOLDINGS LTD.
ABBREVIATED NAME: GRINSHIP
Registered in Singapore with registration number 201731497H
JSE Share code: GSH
ISIN: SG9999019087
Primary listing on NASDAQ Global Select Market
Secondary listing on the JSE Main Board
CHANGE STATEMENT AND NOTICE OF FILING OF 2019 ANNUAL REPORT ON FORM 20-F WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Grindrod Shipping Holdings Ltd. (“Grindrod Shipping” or "Company") filed its Annual Report on Form 20-F for
the year ended 31 December 2019 with the United States Securities and Exchange Commission (“SEC”) on 5
June 2020 (the “Final Results”). In the Final Results there were certain changes to the amounts reflected in
the unaudited abridged results for the year ended 31 December 2019 contained in the announcement released
on SENS on 26 February 2020, titled “Unaudited Financial Results for the Six Months and Year Ended
December 31, 2019” (the “Abridged Results”).
The Annual Report on Form 20-F for the year ended 31 December 2019, is available on the Company’s website
at www.grinshipping.com.
Reason for changes
On 8 April 2020, Grindrod Shipping contracted to sell a vessel, and on 4 May 2020, the Company contracted
to sell a second vessel. On 25 February 2020, we issued a press release of our unaudited financial results for
the half year and full year periods ended December 31, 2019. Subsequent to the announcement of our
unaudited 2019 results, we recorded an additional impairment loss on ships of approximately $8.1 million for
the year ended December 31, 2019 in the Final Results. The additional impairment recorded was as a result
of us contracting to sell these two vessels. As a consequence, the loss for the year ended December 31, 2019
of $43.5 million reported in our Final Results is $8.1 million greater than the $35.4 million loss for the year
reflected in our announcement of our unaudited results, amongst other financial effects.
Changes
Changes between the Abridged Results and the Final Results are set out in the tables below, and arise for the
reason set out above and as indicated in the notes to the tables.
Year ended 31 December 2019
Abridged Final
Figures in US$'000, except per share figures in US$ Results Results Variance Note
Per share data
Basic and diluted loss per share (U.S.$) (1.86) (2.29) (0.43)
Basic and diluted headline loss per share (U.S.$) (1.11) (1.11) -
Number of shares on which the per share figures have been calculated 19 022 665 19 022 665 -
Statement of Profit or Loss
Revenue 331 046 331 046 -
Cost of sales
Voyage expenses (149 444) (149 444) -
Vessel operating costs (33 889) (33 889) -
Charter hire costs (61 668) (61 668) -
Depreciation and amortization – owned assets (17 529) (17 529) -
Depreciation and amortization – right of use assets (30 449) (30 449) -
Other expenses (697) (697) -
Cost of ship sale (16 844) (16 844) -
Gross profit 20 526 20 526 -
Other operating expense (15 435) (23 559) (8 124) 1
Administrative expenses (28 412) (28 412) -
Share of losses of joint ventures (1 420) (1 420) -
Interest income 1 979 1 979 -
Interest expense (11 916) (11 916) -
Loss before taxation (34 678) (42 802) (8 124) 1
Income tax expense (685) (685) -
Loss for the period (35 363) (43 487) (8 124) 1
EBITDA and Adjusted EBITDA
Loss for the Period (35 363) (43 487) (8 124) 1
Adjusted for:
Income tax expense 685 685 -
Interest income (1 979) (1 979) -
Interest expense 11 916 11 916 -
Share of losses of joint ventures 1 420 1 420 -
Depreciation and amortization 48 763 48 763 -
EBITDA 25 442 17 318 (8 124) 1
Adjusted for:
Impairment loss on ships 8 872 16 995 8 123 1, 2
Impairment loss on right of use assets 2 250 2 250 -
Impairment loss on goodwill and intangibles 3 179 3 179 -
Adjusted EBITDA 39 743 39 742 (1) 2
Headline Loss
Reconciliation between loss for the period and headline loss:
Loss for the period (35 363) (43 487) (8 124) 1
Adjusted for:
Impairment loss on ships 8 872 16 995 8 123 1, 2
Impairment loss on right of use assets 2 250 2 250 -
Impairment loss on goodwill and intangibles 3 179 3 179 -
Headline Loss (21 062) (21 063) (1) 2
As at 31 December 2019
Abridged Final
Figures in US$'000, except per share figures in US$ Results Results Variance Note
Statement of Financial Position
ASSETS
Current assets
Cash and bank balances 35 553 35 553 -
Trade receivables 13 173 13 173 -
Contract assets 3 844 3 844 -
Other receivables and prepayments 16 951 16 951 -
Due from related parties 3 855 3 855 -
Loans to joint ventures 1 037 1 037 -
Derivative financial instruments 173 173 -
Inventories 12 236 12 236 -
86 822 86 822 -
Assets classified as held for sale 4 677 4 677 -
Total current assets 91 499 91 499 -
Non-current assets
Restricted cash 9 611 9 611 -
Loans to joint ventures 2 627 2 627 -
Ships, property, plant and equipment 313 321 305 197 (8 124) 1
Right of use assets 55 238 55 238 -
Interest in joint ventures 52 475 52 475 -
Intangible assets 177 177 -
Goodwill 944 944 -
Deferred tax assets 1 299 1 299 -
Total non-current assets 435 692 427 568 (8 124) 1
Total assets 527 191 519 067 (8 124) 1
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 28 326 28 327 1 2
Contract liabilities 4 080 4 080 -
Due to related parties 4 796 4 796 -
Lease liabilities 24 300 24 300 -
Bank loans and other borrowings 20 696 20 696 -
Provisions 959 959 -
Income tax payable 3 096 3 096 -
86 253 86 254 1 2
Liabilities directly associated with assets classified as held for sale 538 538 -
Total current liabilities 86 791 86 792 1 2
Non-current liabilities
Trade and other payables 221 221 -
Lease liabilities 33 646 33 646 -
Bank loans and other borrowings 144 548 144 548 -
Retirement benefit obligation 1 922 1 922 -
Total non-current liabilities 180 337 180 337 -
Capital and reserves
Share capital 320 683 320 683 -
Other equity and reserves (18 218) (18 176) 42 3
Accumulated losses (42 402) (50 569) (8 167) 1, 2, 3
Total equity 260 063 251 938 (8 125) 1, 2
Total equity and liabilities 527 191 519 067 (8 124) 1, 2, 3
Year ended 31 December 2019
Abridged Final
Figures in US$'000, except per share figures in US$ Results Results Variance Note
Summary Statement of Cash Flows
Cash used in operating activities (55 587) (55 587) -
Cash generated from investing activities 35 166 35 166 -
Cash generated from financing activities 19 373 19 373 -
Decrease in cash and cash equivalents (1 048) (1 048) -
Cash and cash equivalents, beginning of period 33 498 33 498 -
Effect of exchange rate changes on the balance of cash held in foreign currencies 77 77 -
Cash and cash equivalents, end of period 32 527 32 527 -
Notes
1 Additional impairment recorded as a result of contracting to sell two vessels after announcement of unaudited results.
2 Rounding
3 Audit adjustment relating to remeasurement of defined obligation
About Grindrod Shipping
Grindrod Shipping owns and operates a diversified fleet of owned and long-term and short-term chartered-in
drybulk vessels and product tankers. The drybulk business, which operates under the brand “Island View
Shipping” (IVS) includes a fleet of 17 handysize drybulk carriers and 14 supramax/ultramax drybulk carriers
on the water with two ultramax drybulk carriers under construction in Japan due be delivered in 2020. The
tanker business, which operates under the brand “Unicorn Shipping” (Unicorn) includes a fleet of six medium
range product tankers and one small tanker. The Company is based in Singapore, with offices in London,
Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping has a primary listing on NASDAQ under the
ticker “GRIN” and a secondary listing on the JSE under the ticker “GSH”.
Company Contact: Investor Relations / Media Contact:
Martyn Wade / Stephen Griffiths Nicolas Bornozis / Judit Csepregi
CEO / CFO Capital Link, Inc.
Grindrod Shipping Holdings Ltd. 230 Park Avenue, Suite 1536
200 Cantonment Road, #03-01 Southpoint New York, N.Y. 10169
Singapore, 089763 Tel.: (212) 661-7566
Email: ir@grindrodshipping.com Fax: (212) 661-7526
Website: www.grinshipping.com Email: grindrod@capitallink.com
By order of the Board
8 June 2020
Sponsor: Grindrod Bank Limited
Date: 08-06-2020 08:01:00
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