GRINDROD LIMITED GENERAL INFORMATION
CONTENTS
ABOUT THIS REPORT
OUR OPERATING ENVIRONMENT
10 Chairman's message
11 Material matters
ABOUT GRINDROD
12 Our operating environment
5 Our business profile and structure
15 Stakeholder relationships
6 Our leadership team
17 Risk review
8 How we create value
OUR STRATEGY
PERFORMANCE REVIEW
25 Report of the Chief Executive Officer
30 Report of the Chief Financial Officer
27
Strategic review
33 Five-year review
34 Operational reviews
36 - Port and Terminals
38 - Logistics
We provide customer solutions for efficient and cost-effective cargo flow
40 - Bank
41 - Non-core businesses
42 Capital reviews
SHAREHOLDERS' INFORMATION
SUMMARISED FINANCIAL STATEMENTS
GENERAL INFORMATION
76 Share analysis of ordinary shareholders
85 Approval of the summarised financial statements
98 List of abbreviations
77 Share analysis of cumulative, non-redeemable, non-participating, non-convertible preference shares
85 Compliance statement by the Group
99 Company information
Company Secretary
77 Notice of the Annual General Meeting
85 Preparation of the summarised financial statements
82 Form of proxy
82 Notes to the form of proxy
86 Independent auditors' report on the summarised financial statements
83 Electronic participation in the Grindrod Annual General Meeting
86 Summarised financial statements
OUR COVER
Click through towww.grindrod.com to read more about our history, business structure, footprint and how we can add value for you.
STHABISO MLAMBO embodies the spirit of tenacity that flows through the veins of Grindrod people. She started as a cleaner and is now a trainee traffic controller. Sthabiso says "I am so grateful that Grindrod saw enough in me to offer that second chance that is changing my life."
GOVERNANCE PRINCIPLES AND PRACTICES
59 Corporate Governance report
64 Committee reports
66 Managing performance through remuneration
74 Limited assurance report on certain non-financial information
ABOUT | ABOUT | OUR OPERATING | OUR | PERFORMANCE | PRINCIPLES AND | SHAREHOLDERS' | FINANCIAL | GENERAL |
THIS REPORT | GRINDROD | ENVIRONMENT | STRATEGY | REVIEW | PRACTICES | INFORMATION | STATEMENTS | INFORMATION |
ABOUT THIS REPORT
REPORTING SCOPE AND BOUNDARY
The report, together with the audited Annual Financial Statements and other supplementary information available on the Grindrod website, provides a complete and fair review of Grindrod's economic, social and environmental performance, inclusive of the information on subsidiaries, joint ventures and associates, within the context of its strategy, risks and opportunities for the financial year ended 31 December 2021. Disclosure is guided by the material factors that our directors believe will substantially impact on Grindrod's ability to create and preserve value for stakeholders.
Refer to pages 36, 38 and 40
• Our strategy (page 27)
• The performance of our business divisions (including subsidiaries, joint ventures and associates) in terms of:
OUR MONEY (page 43)OUR PEOPLE (page 48)
OUR ASSETS (page 45)OUR RELATIONSHIPS (page 51)
OUR SKILLS (page 46)OUR ENVIRONMENT (page 54)
• Our corporate governance (page 59)
In compiling its integrated annual report and supplementary information, Grindrod has applied the principles contained in the King Report on Corporate GovernanceTM for South Africa, 2016 (King IV)2, the Johannesburg Stock Exchange Limited (JSE) Listings Requirements, International Financial Reporting Standards (IFRS) and the South Africa Companies Act No 71 of 2008, as amended (Companies Act).
The integrated annual report is also compiled in accordance with the concepts, guiding principles and content elements contained in the International Integrated Reporting () Framework issued by the Value Reporting Foundation, including disclosures based on the six identified capitals. Sustainability reporting is guided by the Global Reporting Initiative (GRI)'s Universal Standards, as updated in 2021.
1 Note: In line with regulatory requirements, Grindrod Bank Ltd issues a separate integrated report, available at Grindrod Bank - Library. In the interest of conciseness, this Grindrod integrated annual report may provide limited coverage of Grindrod Bank Ltd.
2 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.
WHO WE ARE AND OUR CORE SERVICES
PORT AND TERMINALSLOGISTICS
BANK1
MATERIAL MATTERS IN OUR EXTERNAL ENVIRONMENT
• Environmental factors [page 54]
• Stakeholder relationships [page 15]
• Risks and opportunities [page 17]
HOW WE CREATE VALUE
The Grindrod Limited (Grindrod) integrated annual report aims to provide stakeholders with a balanced assessment of Grindrod's ability to create and sustain value.
ASSURANCE
Grindrod adheres to a combined assurance model as outlined by King IV:
Annual Financial Statements
Grindrod's external auditor, Deloitte & Touche
Selected sustainability performance indicator disclosures
Carbon footprint and other sustainability data
Grindrod's internal audit function
Promethium Carbon
Compliance with B-BBEE regulations
The First Verification Network
REPORT APPROVAL
Grindrod's Board of Directors acknowledges responsibility for ensuring the integrity of the integrated annual report. Following collective assessment, the Audit committee, responsible for oversight of the integrated annual report, recommended approval of the report by the Board of Directors.
In the Board's opinion, the integrated annual report provides a fair and balanced representation of the integrated performance of Grindrod within the context of its identified material aspects. The Board accordingly approved the 2021 integrated annual report on 8 April 2022 for release to shareholders and other stakeholders.
The Board confirms that Grindrod is in compliance with the provisions of the Companies Act relating to its incorporation, and that it is operating in conformity with its Memorandum of Incorporation.
BOARD APPROVAL
Mike Hankinson Non-executive chair Grindrod LimitedCheryl Carolus Independent non-executive director
Nkululeko Sowazi Lead independent non-executive directorGrant Gelink Independent non-executive director
Walter Grindrod Non-executive directorBen Magara Independent non-executive director
Deepak Malik Independent non-executive directorPieter Uys Non-executive directorZimkhitha Zatu Moloi Independent non-executive directorWillem van Wyk Non-executive alternate director
Andrew Waller
Fathima Ally
Xolani Mbambo
Chief Executive Officer Grindrod Limited
Chief Financial Officer Grindrod Limited
Chief Executive Officer Grindrod Freight ServicesDavid Polkinghorne Chief Executive Officer Grindrod Bank Limited
GENERAL INFORMATION
KEY HIGHLIGHTS
SOCIAL
ENVIRONMENTAL
ECONOMIC
LTIFR
(Port and Terminals and Logistics)19.0% 0.47
GHG emissions (CO2e3)
127 737 tons
(2020: 0.58)
(2020: 156 200 tons)
Fatalities 0
(2020: 1)
Social responsibility spend R7.9 million
(2020: R1.9 million)
Training provided 1 258
100.0%315.8%16.2%
Electricity intensity 4 694 kWh/FTE
(2020: 3 690 kWh/FTE)
Water intensity 49.6 kl per Rand revenue
(2020: 39.2 kl per Rand revenue)
(2020: 1 083)
GHG emissions intensity (grams CO2 per Rand value) 34
18.2%27.2%26.5%19.0%
Revenue
10.2%
R18 037 million
(2020: R16 370 million)
Trading profit
R1 664 million
(2020: R970 million)
HEPS 92 cents headline earnings
(2020: 25 cents headline loss)
Cash generated from operations R1 039 million
(2020: R871 million)
(2020: 42)
B-BBEE (Grindrod Limited)
Level 2
Net asset value per share 1 176 cents
71.5%468.0%19.3%9.4%
(2020: Level 2)
(2020: 1 075 cents)
ABOUT | ABOUT | OUR OPERATING | OUR | PERFORMANCE | PRINCIPLES AND | SHAREHOLDERS' | FINANCIAL |
THIS REPORT | GRINDROD | ENVIRONMENT | STRATEGY | REVIEW | PRACTICES | INFORMATION | STATEMENTS |
GENERAL INFORMATION
ABOUT GRINDROD
GRESHIN PRETORIUS, operations co-ordinator at Grindrod Intermodal, is passionate about her job and ensures all parties are kept informed on all aspects of vessel operations. Greshin is honing her skills and hopes to one day be the first female vessel agent for the company.
Seafreight I CAPE TOWN
WE LIVE OUR PURPOSE EVERY DAY
To make a positive difference in Africa's trade with the world, touching lives of the communities in which we operate.
5 Our business profile and structure
6 Our leadership team
8 How we create value
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Grindrod Limited published this content on 11 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2022 06:58:10 UTC.
