GRINDROD LIMITED - Annual financial statements, integrated annual report, no change statement and notice of annual general meeting

Annual financial statements, integrated annual report, no change statement and notice of annual general meeting

GRINDROD LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1966/009846/06
Share code: GND      ISIN: ZAE000072328
Share code: GNDP ISIN: ZAE000071106
("Grindrod" or "the company")

ANNUAL FINANCIAL STATEMENTS, INTEGRATED ANNUAL REPORT, NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Annual financial statements and integrated annual report
Shareholders are advised that Grindrod’s audited Annual Financial Statements for the year ended 31
December 2019 and the 2019 Integrated Annual Report approved on 24 April 2020 are available on
the company’s website at http://www.grindrod.com/Pages/AnnualReport.

The auditor’s unqualified audit opinion which contains the key audit matters pursuant to International
Auditing Standards ISA 701 is also available at the same link.

No change statement
Shareholders are further advised that Grindrod’s audited Summarised Consolidated Annual Financial
Statements for the year ended 31 December 2019 forming part of the 2019 Integrated Annual Report
are unchanged from the Provisional Reviewed Results published on SENS on 4 March 2020
(“Provisional Results”) except for the following changes which do not materially impact revenue, total
assets, liabilities and net cash movement adopted to enhance disclosure:

2019                                                  2019 Integrated       Provisional       Change
                                                        Annual Report           Results
                                                            R million         R million    R million
Consolidated income statement
Revenue 1                                                       3 834             3 873           39
Consolidated statement of financial position
Assets 2
Preference share investments by trusts                            645             1 127         (482)
Current portion of preference share                               482                 -          482
investments by trusts
Loans and advances – non-current                                4 264             5 252         (988)
Current portion of loans and advances                           4 167             3 179          988
Net impact on total assets                                      9 558             9 558            -
Liabilities 2
Participatory contribution from Bank                               78             1 724       (1 646)
customers
Current portion of participatory contribution
from Bank customers                                             1 646                 -        1 646
Net impact of total liabilities                                 1 724             1 724            -
Consolidated statement of cash flows 4
Net cash flows from operating activities                          337               732         (395)
Net cashflows from investing activities                            92                 6           86
Net cashflows from financing activities                          (299)             (608)         309
Net impact on cash movement                                       130               130            -

2018                                                  2019 Integrated       Provisional       Change
                                                        Annual Report           Results
                                                            R million         R million    R million
Consolidated statement of financial position
Assets 2
Preference share investments by trusts                            100             1 041         (941)
Current portion of preference share                               941                 -          941
investments by trusts
Loans and advances – non-current                                4 329             3 427          902
Current portion of loans and advances                           3 668             4 570         (902)
Net impact on total assets                                      9 038             9 038            -
Liabilities 2
Long-term bank and private equity funding                         494               704         (210)
Current portion of interest-bearing borrowings                    369               159          210
Participatory contribution from Bank customers                     61             1 714       (1 653)
Current portion of participatory contribution
from Bank customers                                             1 653                 -        1 653
Net impact of total liabilities                                 2 577             2 577            -
Consolidated statement of cashflows 4
Net cashflows from operating activities                        (5 403)           (5 520)         117
Net cashflows from investing activities                          (195)               99         (294)
Net cashflows from financing activities                          (482)             (659)         177
Net impact on cash movement                                    (6 080)           (6 080)           -

2017                                                  2019 Integrated       Provisional       Change
                                                        Annual Report           Results
                                                            R million         R million    R million
Consolidated statement of financial position
Assets
Preference share investments by trusts 2                          194             1 335       (1 141)
Current portion of preference share                             1 141                 -        1 141
investments by trusts 2
Current portion of loans and advances 3                         3 329             3 108          221
Other current assets 3                                          2 243             2 464         (221)
Net impact on total assets                                      6 907             6 907            -
Liabilities 2
Participatory contribution from Bank customers                      2             1 891       (1 889)
Current portion of participatory contribution                                                    
from Bank customers                                             1 889                 -        1 889
Net impact of total liabilities                                 1 891             1 891            -

1   Reclassification of IFRS 13 fair value adjustment from ECL impairment.
2   Reclassification of the current and non-current portion of the line items.
3   Reclassification of Bank fee receivable to financial instruments from trade and receivables.
4   Reclassification of the preference share asset and liability movements to operating from investing and
    financing and the interest on IFRS 16 Lease liability from financing to operating.

Notice of Annual General Meeting
Notice is hereby given that the fifty-third Annual General Meeting of Grindrod will be held on
Tuesday, 26 May 2020 at 14h00, to transact the business as stated in the Notice of the Annual
General Meeting. The Notice of Annual General Meeting forms part of the Integrated Annual Report.

Grindrod has appointed The Meeting Specialists Proprietary Limited (TMS) to remotely host the
Annual General Meeting on an interactive electronic platform, in order to facilitate remote
participation and voting by shareholders. TMS will also act as scrutineers.

Detail on how to register to electronically participate in and/or vote at the Annual General Meeting is
set out in detail in the Notice of Annual General Meeting in the Integrated Annual Report.

The record date for shareholders to be recorded in the securities register of Grindrod in order to be
able to electronically participate and vote at the Annual General Meeting is Friday, 15 May 2020.
Accordingly, the last date to trade in order to be eligible to electronically participate and vote at the
Annual General Meeting is Tuesday, 12 May 2020.

By order of the board
28 April 2020

Sponsor
Nedbank Corporate and Investment Banking

Date: 28-04-2020 09:15:00
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