To view the PDF file, sign up for a MySharenet subscription.

GRINDROD SHIPPING HOLDINGS LIMITED - Unaudited Financial Results for the six months and year ended December 31, 2020

Release Date: 25/02/2021 09:15
Code(s): GSH     PDF:  
Wrap Text
Unaudited Financial Results for the six months and  year ended December 31, 2020

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

UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS AND YEAR ENDED DECEMBER 31, 2020

Grindrod Shipping Holdings Ltd. issued a press release announcing its unaudited second half and full
year 2020 results for the period ended December 31, 2020 and included such press release as an
exhibit to its Form 6-K (the “Report on Form 6-K”) furnished to the United States Securities and
Exchange Commission (“SEC”) dated February 24, 2021.

Financial Highlights for the Second Half of the Year Ended December 31, 2020(1)
-       Revenue of $112.1 million.
-      Gross profit of $6.2 million.
-       Adjusted EBITDA of $18.5 million(2).
-       Loss for the period attributable to owners of the Company of $28.3 million or $1.49 per ordinary
        share.
-       Loss impacted by $12.8 million of non-cash impairment charges.
-       Handysize and supramax/ultramax TCE per day of $7,535 and $10,887 respectively.
        Supramax/ultramax outperformed the Baltic Supramax-58 TC Index (the “BSI-58”)(3) benchmark
        by approximately 11.0% in the second half of 2020(2)(4).
-       Medium range product tanker TCE per day of $7,960 and small tanker TCE per day of $13,680 in the
        second half of 2020(2).
-       Period end cash, bank balances and restricted cash of $50.6 million.


Financial Highlights for the Full Year Ended December 31, 2020(1)
-       Revenue of $279.2 million.
-       Gross profit of $15.1 million.
-       Adjusted EBITDA of $47.3 million(2).
-       Loss for the period attributable to owners of the Company of $38.8 million or $2.05 per ordinary
        share.
-       Loss impacted by $17.0 million of non-cash impairment charges.
-       Handysize and supramax/ultramax TCE per day of $6,629 and $10,072 respectively.
        Supramax/ultramax outperformed the BSI-58(3) benchmark by approximately 29.5% in the full year
        of 2020(2)(4).
-       Medium range product tanker TCE per day of $16,339 and small tanker TCE per day of
        $12,374 in the full year of 2020(2).
(1)
     Our segment results include the proportionate share of our joint ventures, which differs from the statements of profit or loss in our condensed
 consolidated financial statements which account for our investments in joint ventures under the equity method.
 (2) Adjusted EBITDA and TCE per day are non-GAAP financial measures. For the definitions of these non-GAAP financial measures and the

 reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, please
 refer to the definitions and reconciliations in “Non-GAAP Financial Measures” at the end of this press release.
 (3)
     BSI-58 adjusted for 5% commissions to be comparable to Grindrod Shipping’s TCE per day.
(4) As of January 1, 2020 the Baltic Exchange discontinued publishing the Baltic Handysize-28 TC Index and replaced it with the Baltic Handysize-38 TC

Index. The Baltic Handysize-38 TC Index does not reflect the ship types comparable to our handysize fleet and we do not believe it is an appropriate
benchmark going forward.
   The table below presents a reconciliation between Loss for the period to Headline Loss for the six month
   period ended December 31, 2020 and 2019, and the 12 month period ended December 31, 2020 and
   2019:

                                                              Six months ended               Year ended
                                                                December 31,                December 31,
(In thousands of U.S. dollars, other than per share
data)                                                       2020            2019          2020         2019

Reconciliation between loss for the period attributable
to owners of the Company and headline loss:
Loss for the period attributable to owners of the
  Company                                               $   (28,300) $       (24,533) $   (38,795) $    (43,487)
Adjusted for:
  - Impairment loss recognized on ships                      12,620          12,692        16,282        16,995
  - Impairment loss recognized on right-of-use assets             -           2,250             -         2,250
  - Impairment loss recognized on goodwill and
     intangibles                                                   -           3,179             -         3,179
  - Gain on disposals of plant and equipment                       -            (193)            -             -
  - Impairment loss recognized on assets in disposal
     group                                                         -               -         576               -
  - Impairment loss recognized on office equipment,
     furniture and fittings and motor vehicles                  138                -         138               -

Headline Loss                                               (15,542)          (6,605)     (21,799)      (21,063)

  Number of shares on which the per share figures
  have been calculated                                   19,006,858    18,982,168 18,966,414 19,022,665
  Basic and diluted loss per share                      $     (1.49) $      (1.29) $   (2.05) $   (2.29)
  Basic and diluted headline loss per share             $     (0.82) $      (0.35) $   (1.15) $   (1.11)

   Short-form announcement

   The full announcement includes the contents of the Report on Form 6-K as furnished to the SEC
   dated February 24, 2021, being the press release incorporating the unaudited condensed
   consolidated and combined financial statements of Grindrod Shipping Holdings Ltd. for the six
   months and full year ended December 31, 2020.

   This short-form announcement is the responsibility of the directors of Grindrod Shipping Holdings
   Ltd. This short-form announcement is only a summary of the information in the full announcement
   and does not contain full or complete details. Any investment decision by investors and/or
   shareholders should be based on consideration of, inter alia, the full announcement.

   The full announcement has been released on SENS on February 25, 2021 and is available for viewing
   on the Company’s website (www.grinshipping.com) and at the following address:

   https://senspdf.jse.co.za/documents/2021/jse/isse/GSHE/Grinship20.pdf.

   The full announcement is available for inspection at the offices of the Company (200 Cantonment
   Road, #03-01 SouthPoint, Singapore 089763) and the offices of the Sponsor, Grindrod Bank Limited
   (Grindrod Tower, 8A Protea Place, Sandton, 2196), at no charge during normal office hours on
   business days following its release on February 25, 2021.


   25 February 2021
Sponsor: Grindrod Bank Limited

Date: 25-02-2021 09:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story