Wrap Text
Unaudited interim Financial Results for the first quarter, second quarter and first
half ended June 30, 2021
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 INTERIM FINANCIAL RESULTS FOR THE FIRST QUARTER, SECOND QUARTER AND FIRST
HALF ENDED JUNE 30, 2021
Grindrod Shipping Holdings Ltd. (the “Company”, “us”, “our”) announced its first quarter, second
quarter and first half 2021 results for the period ended June 30, 2021 and filed them under a Report
on Form 6-K (the “Report on Form 6-K”) with the United States Securities and Exchange Commission
(“SEC”).
Financial Highlights for the First Quarter ended March 31, 2021(1)
- Revenues of $71.8 million
- Gross profit of $13.8 million
- Profit for the period of $3.3 million
- Profit for the period attributable to owners of the Company of $2.4 million, or $0.12 per
ordinary share
- Adjusted EBITDA of $21.8 million(2)
- Handysize and supramax/ultramax TCE per day of $12,053 and $13,259, respectively(2)
(1) In view of commencing with earnings reporting on a quarterly basis, we have included the financial
highlights for the First Quarter ended March 31, 2021 in this press release to provide additional detail on
our First Half results.
Financial Highlights for the Second Quarter ended June 30, 2021
- Revenues of $159.4 million
- Gross profit of $34.3 million
- Profit for the period of $24.2 million
- Profit for the period attributable to owners of the Company of $19.8 million, or $1.02 per
ordinary share
- Adjusted EBITDA of $40.7 million(2)
- Handysize and supramax/ultramax TCE per day of $18,104 and $21,916, respectively(2)
Financial Highlights for the first half of the year ended June 30, 2021
- Revenues of $231.2 million
- Gross profit of $48.2 million
- Profit for the period of $27.6 million
- Profit for the period attributable to owners of the Company of $22.1 million or $1.15 per
ordinary share
- Adjusted EBITDA of $62.5 million(2)
- Handysize and supramax/ultramax TCE per day of $15,285 and $17,606, respectively(2)
- Period end cash and cash equivalents of $58.1 million and restricted cash of $9.3 million
(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
measure 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.
Operational Highlights for First Quarter, Second Quarter and the First Half of 2021
- We sold the 2009-built small products tanker Breede for a gross price of $6.8 million with
delivery to the buyers on April 14, 2021.
- We sold the 2013-built medium range tankers Leopard Moon and Leopard Sun for a total gross
price of $42.8 million with deliveries to the buyers on April 12, 2021 and April 20, 2021.
- On May 07, 2021, the United Kingdom Upper Tribunal found in our favor with respect to a
previously disclosed tax dispute with Her Majesty’s Revenue and Customs (“HMRC”). HMRC
decided not to appeal the decision which prompted the release of $2.4 million in tax provisions
that had been recorded in respect of such dispute in prior periods.
- On May 19, 2021 the Company repaid the approximately $25.8 million remaining outstanding
amount on the senior secured credit facility with an affiliate of Bain Capital Credit (“Bain”).
- On June 28, 2021 the Company announced its transition to quarterly financial reporting from
semi-annual reporting.
- During the second quarter, we repurchased a combined total of 33,467 ordinary shares in the
open market on NASDAQ and the JSE at an average price of $8.46 per share.
Headline Earnings
The table below presents a reconciliation between Loss for the period attributable to owners of the
Company to Headline Loss for the six months ended June 30, 2021 and June 30, 2020.
Three months ended Three months ended Six months ended
March 31, June 30, June 30,
(In thousands of U.S. dollars, other
than per share data) 2021 2020 2021 2020 2021 2020
Reconciliation between profit (loss) for the period attributable to owners of the Company and headline earnings (loss):
Profit (loss) for the period
attributable to owners of the
Company $ 2,358 $ 1,300 $ 19,771 $ (11,795) $ 22,129 $ (10,495)
Adjusted for:
- (Reversal of) impairment loss
recognized on ships - - (3,557) 3,662 (3,557) 3,662
- Reversal of Impairment loss
recognized on right-of-use assets - - (1,046) - (1,046) -
- Impairment loss recognized on
goodwill and intangibles - - 965 - 965 -
- Loss on disposals of plant and - -
equipment - 25 - 25
- Impairment loss on net disposal -
group (38 ) 2,589 576 2,551 576
Headline earnings (loss) 2,320 1,300 18,747 (7,557) 21,067 (6,257)
Number of shares on which the per
share figures have been calculated 19,107,913 18,844,192 19,297,655 19,006,858 19,203,308 18,925,969
Effect of dilutive potential ordinary
shares 347,168 485,334 347,168 - 347,168 -
Weighted average number of
ordinary shares for the purpose of
diluted earnings per share 19,455,081 19,329,526 19,644,823 19,006,858 19,550,476 18,925,969
Basic profit (loss) per share $ 0.12 $ 0.07 $ 1.02 $ (0.62) 1.15 (0.55)
Diluted profit (loss) per share 0.12 0.07 1.01 (0.62) 1.13 (0.55)
Basic headline earnings (loss) per
share $ 0.12 $ 0.07 $ 0.97 $ (0.40) 1.10 (0.33)
Diluted headline earnings (loss) per
share 0.12 0.07 0.95 (0.40) 1.08 (0.33)
Short-form announcement
The full announcement includes the contents of the Report on Form 6-K as filed with the SEC on
18 August 2021, being (1) Management’s Discussion and Analysis of Financial Condition and Results
of Operations for the six months ended June 30, 2021 and 2020; and (2) the unaudited interim
condensed consolidated financial statements and related notes of Grindrod Shipping Holdings Ltd. for
the six months ended June 30, 2021.
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 19 August 2021 and is available for viewing on
the Company’s website (www.grinshipping.com) and at
https://senspdf.jse.co.za/documents/2021/jse/isse/GSHE/GRINHY2021.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 August 19, 2021.
By order of the Board
19 August 2021
Sponsor: Grindrod Bank Limited
Date: 19-08-2021 08:00:00
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