Five year review

      2017*   2016 2015 2014 2013

GROUP INCOME STATEMENT

               
Revenue (Rm)   3 059   9 032 10 192 13 912 15 662
Earnings before interest, taxation, depreciation and amortisation (EBITDA) (Rm)   622   469 1 099 1 166 887
Depreciation and amortisation (Rm)   (196)   (584) (675) (547) (463)
Operating profit/(loss) before net interest and taxation (Rm)   426   (115) 424 619 424
Non-trading items (Rm)   129   (1 419) (1 588) 235 479
Net interest received/(paid) (Rm)   167   91 33 18 (93)
Profit/(loss) before share of joint venture and associate companies’ profit (Rm)   722   (1 443) (1 131) 872 810
Share of joint venture and associate companies’ profit/(loss) after taxation (Rm)   172   (205) (47) 398 568
Profit/(loss) before taxation (Rm)   894   (1 648) (1 178) 1 270 1 378
Taxation (Rm)   (173)   (192) (190) (194) (116)
Profit/(loss) after taxation (Rm)   721   (1 840) (1 368) 1 076 1 262
Minority interest (Rm)   (7)   3 (16) (30)
Profit/(loss) for the year before preference dividends (Rm)   714   (1 840) (1 365) 1 060 1 232
Preference dividends (Rm)   (68)   (68) (61) (59) (55)
Profit/(loss) attributable to ordinary shareholders (Rm)   646   (1 908) (1 426) 1 001 1 177
Ordinary shareholders’ interest in non-trading items (Rm)   (75)   1 448 1 985 272 (475)
Headline earnings/(loss) (Rm)   571   (460) 559 729 702

GROUP STATEMENT OF FINANCIAL POSITION

               
Non-current assets (Rm)   7 958   13 476 16 928 15 338 12 492
Loans and advances to bank customers (Rm)   7 149   5 855 4 916 4 307 3 675
Current assets (Rm)   19 842   16 848 14 613 13 212 12 255
Total assets (Rm)   34 949   36 179 36 457 32 857 28 422
Total equity (Rm)   14 198   15 801 19 140 17 480 12 133
Non-current liabilities (Rm)   1 326   2 613 3 174 2 971 3 311
Deposits from bank customers (Rm)   14 640   13 610 9 980 7 810 8 015
Current liabilities (Rm)   4 785   4 155 4 163 4 596 4 963
Total equity and liabilities (Rm)   34 949   36 179 36 457 32 857 28 422

GROUP CASH FLOWS

               
Cash available from operations (excluding dual purpose assets) (Rm)   439   2 535 3 179 919 3 304
Distribution/dividends paid (Rm)   56   29 (151) (170) (174)
Cash retained from operations (Rm)   495   2 564 3 028 749 3 130
Proceeds on disposal of property, terminals, vehicles, equipment, investments and other items (Rm)   178   278 89 116 161
Cash available for investment (Rm)   673   2 842 3 117 865 3 291
Cash invested (Rm)   (525)   (782) (1 164) (1 335) (1 705)
Net finance repaid/(raised) (Rm)   149   2 060 1 953 (470) 1 586

ORDINARY SHARE PERFORMANCE

             
Number of ordinary shares in issue net of treasury shares (000s)   751 640   750 548 750 959 751 619 591 586
Weighted average number of ordinary shares on which earnings per share is based (000s)   751 164   750 539 751 452 678 348 591 109
Earnings/(loss) per share – basic (cents)   86.0   (254.2) 189.8) 147.6 199.1
Headline earnings/(loss) per share – basic (cents)   76.0   (61.2) 74.4 107.5 118.7
Share price – opening (cents)   1 345   1 129 2 240 2 803 1 585
Share price – closing (cents)   1 365   1 345 1 129 2 240 2 803
Share price – highest (cents)   1 575   1 485 2 278 2 895 2 875
Share price – lowest (cents)   1 025   850 1 032 2 050 1 580
Number of transactions recorded     114 897   128 454 203 077 172 819 96 250
Number of shares traded (000)   236 901   302 823 349 936 267 875 191 329
Volume of shares traded as a percentage of total issued shares (%)   31.1   39.7 45.9 38.8 31.8
Market capitalisation at 31 December (Rm)   10 409   10 256 8 609 17 070 16 839
Price: earnings ratio (times)   15.9   (5.3) (5.9) 15.2 14.1
EV/EBITDA – continuing (times)   26.2   40.8 21.4 19.1 17.2
Dividend/distribution per share (cents)     19.6 33.6 37.1
Dividend/distribution cover (times)     3.8 3.2 3.2
Dividend yield (%)     1.7 1.5 1.3
EBITDA per share – continuing (cents)   82.8   87.0 227.4 269.0 300.0
Earnings yield (%)   6.0   (18.9) (16.8) 6.6 7.1
Net worth per share at book value (cents)   1 790   2 007 2 450 2 227 1 926

PREFERENCE SHARE PERFORMANCE

               
Number of preference shares in issue (000s)   7 400   7 400 7 400 7 400 7 400
Share price – opening (cents)   7 750   7 500 8 375 9 350 9 150
Share price – closing (cents)   7 250   7 750 7 500 8 375 9 350
Share price – highest (cents)   8 200   8 150 8 500 9 800 9 400
Share price – lowest (cents)   7 135   7 150 7 440 8 100 8 501
Number of transactions recorded     2 697   2 070 2 590 1 917 3 339
Number of shares traded (000)   1 656   1 716 1 289 1 576 1 838
Volume of shares traded as a percentage of total issued shares (%)   22.4   23.2 17.4 21.3 24.8
* 2017 figures are based on continuing operations. Prior years have not been re-presented.
      2017*   2016 2015 2014 2013

KEY RATIOS

Profitability                
Operating margin (%)   13.9   (1.3) 4.2 4.4 2.7
Operating margin including joint venture entities (%)   3.0   (0.8) 2.9 3.3 3.6
Return on net assets (%)   4.0   (8.1) (5.3) 6.4 9.1
Return on ordinary shareholders’ funds – minimum (%)   4.5   (11.4) (8.1) 7.2 11.4
Effective rate of taxation excluding joint ventures (%)   23.9   n/a** (22.3) 32.2 34.8
Leverage and liquidity                
Total liabilities to total shareholders’ interests (%)   18.0   21.7 13.7 10.9 51.7
Net interest-bearing debt/(cash) to total shareholders’ interests (%)     2.4 (0.2) (3.1) 21.4
Net debt to EBITDA (times)     0.8 (0.5) 2.9
Debt:service cover ratio     0.4   0.7 0.7 0.4 0.6
Interest cover (times)   n/a***   n/a*** n/a*** n/a*** 9.7
Current ratio     3.8   3.7 3.3 2.7 2.3
* 2017 figures are based on continuing operations. Prior years have not been re-presented.
** Effective taxation rate distorted by losses in the shipping and freight services businesses. 
*** Interest cover (times) ratio negative in the 2016 year due to operating losses (including non-trading items). 2017, 2015 and 2014 – net interest received position.
      2017*   2016 2015 2014 2013

TRANSFORMATION

Employment equity – HDSA (%)   79.6   73.9 74.8 78.2 79.1
B-BBEE Contributor Level – Grindrod (South Africa) Proprietary Limited     Level 2   Level 2 Level 2 Level 2 Level 4

SOCIAL RESPONSIBILITY

               
Total spend on projects (Rm)   8.75   11.9 7.3 14.9 15.5

ENVIRONMENT

               
Energy efficiency – electricity (kWh/FTE)   3 612   3 197 2 706 2 942 2 791
Total GHG emissions (CO2 equivalent) (tonnes)   381 733   453 590 480 782 443 965 512 376
GHG emissions intensity (CO2 per rand revenue) (grams)   18.03   18.19 17.17 13.57 15.60

SAFETY AND HEALTH

               
Fatalities              
– Freight Services   2   2 1 2
– Shipping     1
– Financial Services    
Lost-time incidents              
– Freight Services   39   42 58 68 109
– Shipping   6   7 3 8 8
– Financial Services    
Lost-time injury frequency rate (LTIFR)              
– Freight Services   0.86   0.65 0.67 0.86 1.31
– Shipping   0.13   0.21 0.09 0.26 0.29
– Financial Services      

HUMAN CAPITAL

Number of employees at year-end 5 232   5 881 7 044 7 506 7 675
– subsidiaries 3 472   4 090 4 908 5 443 4 304
– joint ventures and associate companies 1 760   1 791 2 136 2 063 3 371
Training spend (Rm) 6   9 13 17 18
Average training spend per employee (R) 1 090   1 530 1 849 2 315 2 344
Assets per employee* (R000) 11 232   7 557 6 254 5 188 4 745
Profit/(loss) per employee* (R000) 208   (399) (245) 158 197
* Calculated based on employee numbers at effective shareholding. Excludes discontinued operations.