Our money
(Financial capital)
The economic resources which Grindrod uses to generate revenue, fund projects and provide shareholder returns. These resources include equity and debt funding and retained earnings.

Value added

    2017   2016*
    Rm   Rm
Remuneration and benefits paid to employees   986   1 028
Rewards to providers of share capital   68   68
Payments made to governments   163   182
Providers of loan capital   98   134
Depreciation   196   231
Retained income   714   212
Total wealth distributed   2 225   1 855
* Re-presented for discontinued operations as detailed in the basis of preparation.

Capital investment

    2017
Rm
  2016
Rm
2015
Rm
2014
Rm
2013
Rm
Continuing operations              
Port and Terminals   165   120 252 120 309
Logistics   295   177 109 586 1 216
Marine Fuel and Agricultural Logistics   1   1 20 98 53
Financial Services   8   7 22 15 136
Discontinued operations              
Rail   34   53 146 648 231
Shipping   155   770 805 981 923
Total capital expenditure   658   1 128 1 354 2 448 2 868

Divisional financial information

  Freight Services
  Port and Terminals   Logistics   Marine Fuel and
Agricultural Logistics
    2017
Rm
  2016
Rm
Growth
%
  2017
Rm
  2016
Rm
Growth
%
  2017
Rm
  2016
Rm
Growth
%
Income statement                              
Revenue   875   769 13.8   2 336   2 541 (8.0)   17 586   14 806 18.8
EBITDA   309   169 83.1   340   332 2.5   65   (177) 136.8
Operating income/(loss)   204   50 308.8   165   143 15.5   51   (197) 125.8
Share of associate companies’ profit/(loss)   54   72 (24.4)   (10)   (19) 46.4   55   7 688.4
Attributable profit/(loss)   182   225 (19.1)   222   (91) 343.0   58   (190) 130.4
Statement of financial position                              
Non-current assets/investments   2 026   2 085 (2.8)   1 555   1 659 (6.3)   971   931 4.3
Bank loans, advances and liquid assets            
Current assets   288   325 (11.3)   1 079   1 059 1.9   2 063   258 699.7
Net cash including debt   107   29 275.1   149   72 105.9   47   378 (87.6)
Total assets   2 314   2 410 (4.0)   2 634   2 718 (3.1)   3 034   1 189 155.2
Equity   2 169   2 231 (2.8)   1 678   1 263 32.9   1 105   1 111 (0.5)
Net debt/deposits            
Other liabilities   145   178 (18.8)   956   1 455 (34.3)   1 928   78 2 373.4
Total equity and liabilities   2 314   2 410 (4.0)   2 634   2 718 (3.1)   3 034   1 189 155.2

Divisional key ratios

  Freight Services
  Port and Terminals   Logistics   Marine Fuel and
Agricultural Logistics
      2017   2016   2017   2016   2017   2016
Return on ordinary shareholders’ equity %   7.7   9.3   14.4   (6.3)   5.2   (15.0)
Operating margin %   23.4   6.5   7.1   5.6   0.3   (1.3)
Debt:equity ratio     0.05:1   0.01:1   0.09:1   0.06:1   0.04:1   0.34:1
Return on net assets %   15.1   15.3   22.8   10.5   10.5   (15.5)
Attributable profit/(loss) per employee* R000   154   186   90   (37)   330   (1 085)
Capital adequacy ratio %                        
* Calculated based on employee numbers at effective shareholding.
  Financial Services   Shipping**
    2017
Rm
  2016
Rm
Growth
%
  2017
Rm
  2016
Rm
Growth
%
Income statement                    
Revenue   467   492 (5.1)   5 174   5 113 1.2
EBITDA   363   338 7.5   223   (5) 4 560.0
Operating income/(loss)   358   332 7.8   (62)   (451) 86.3
Share of associate companies’ profit/(loss)        
Attributable profit/(loss)   189   171 10.5   (908)   (803) (13.1)
Statement of financial position                    
Non-current assets/investments   1 480   1 138 30.1   5 444   6 975 (22.0)
Bank loans, advances and liquid assets   8 831   7 629 15.8    
Current assets   199   16 1 173.0   626   300 108.4
Net cash including debt   6 265   6 445 (2.8)    
Total assets   16 775   15 227 10.2   6 070   7 276 (16.6)
Equity   1 810   1 377 31.5   3 624   4 633 (21.8)
Net debt/deposits   14 640   13 610 7.6   1 816   1 738 4.5
Other liabilities   324   240 34.9   631   905 (30.3)
Total equity and liabilities   16 775   15 227 10.2   4 254   7 276 (41.5)
    Financial Services   Shipping**
      2017   2016   2017   2016
Return on ordinary shareholders’ equity %   53.5   29.1   (22.0)   (15.1)
Operating margin %   76.6   67.4   (1.2)   (9.0)
Debt:equity ratio     3.46:1   4.68:1   0.50:1   0.38:1
Return on net assets %   2.0   2.1   (7.8)   (3.0)
Attributable profit/(loss) per employee* R000   840   1 062   (988)   (923)
Capital adequacy ratio %   13.7   13.7        
* Calculated based on employee numbers at effective shareholding.
** Discontinued operation due to Spin-off.