Grindrod : 2023 Additional Information for Analysts

Segmental balance sheet as at 31 December 2023

Rmillion				Total		Private
	Port and			Marine
			continuing	equity and	Total
	Terminals	Logistics	Group	operations	Fuels	property
Fixed assets	2 252	2 134	1 342			-
5 728	7	5 735
Intangible assets	416	520	6	942	-	-	942
Investment and other non-current assets	1 164	305	281	1 750	36	58	1 844
Loans and advances	-	-	-	-	-	1 014	1 014
Current assets	653	2 026	1 015	3 694	2 032	253	5 979
Cash and cash equivalents	758	527	1 749	3 034	245	4	3 283
Total assets	5 243	5 512	4 393	15 148	2 320	1 329	18 797
Equity	3 619	2 337	1 531	7 487	724	981	9 192
Preference share capital	-	-	740	740	-	-	740
Non-controlling interest	(10)	18	(3)	5	-	(59)	(54)
Total interest-bearing debt	860	1 403	1 698	3 961	-	121	4 082
Other non-current liabilities	19	25	53	97	-	135	232
Current liabilities	755	1 729	374	2 858	1 596	151	4 605
Total equity and liabilities	5 243	5 512	4 393	15 148	2 320	1 329	18 797

GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Other segmental information as at 31 December 2023

R000

					Port and											Total core	Marine		Private	Segmental		Total
															equity and
					Terminals	Logistics			Group	operations		Fuels	property	adjustments		equity
Depreciation and amortisation
(206 398)	(159 914)	(14 521)	(380 833)	(680)	-	194 339	(187 174)
excluding right of use assets
Depreciation - right of use assets	(87 927)	(270 480)	(24 901)	(383 308)	-	-	178 851	(204 457)
							29 652					37 925				177 981		245 558		11 839				35 385				(52 140)			240 642
Interest income
				(9 710)
	Interest expense		(47 729)	(155 820)	(213 259)		(997)			(22 450)				62 690		(174 016)
Interest paid - lease liability	(45 493)	(66 170)	(14 252)	(125 915)	-	-	79 964	(45 951)
Preference dividend	-	-	(27 682)	(27 682)	-	(46 696)	-	(74 378)
IFRS 16 lease payments	133 445	316 990	49 093	499 528	-	-	(240 392)	259 136
Balance sheet
	Lease liability			743 898			864 901			274 306		1 883 105		-			-			(1 245 287)			637 818

GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Legal net debt breakdown as at 31 December 2023

Rmillion

Bank and cash	2 106
Money market funds	416
Long-term loans	(1 564)
Lease liabilities	(523)
Current portion of long-term loans	(156)
Current portion of lease liabilities	(114)
Short-term borrowings and overdraft	(266)
Net debt	(101)

Rmillion

Operational Bank and cash ^	986
Money market funds	416
Long-term loans	(1 564)
Lease liabilities	(523)
Current portion of long-term loans	(156)
Current portion of lease liabilities	(114)
Short-term borrowings and overdraft	(266)
Net debt	(1 221)

• Excludes ring-fenced cash of R1.1 billion allocated for capital projects and warranties.
  GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Segmental analysis for core operations for period ended 31 December 2023

R000

Revenue

Port and Terminals

Logistics

Group

Total core operations

Marine Fuels

Private equity and property

Total

Segmental adjustments ** Port and Terminals Logistics

Marine Fuels

	Reviewed	Re-presented
	31 December	31 December
2023	2022 *
3 070 277
2 589 669
3 727 595	3 271 633
692 604	1 543 518
7 490 476	7 404 820
16 042 942	16 954 683
372	399
23 533 790	24 359 902
(18 688 218)	(18 476 167)
	(1 126 075)	(1 016 510)
	(1 519 201)	(504 974)
	(16 042 942)	(16 954 683)
	4 845 572	5 883 735

* December 2022 figures have been re-presented for changes in the composition of the segments to align the segmental disclosure with the revised internal reporting lines.

• For segment reporting, investments in joint ventures are accounted for using proportionate consolidation whereby the effective share of the Group's ownership is applied to each line item above.
  In the reviewed condensed consolidated financial statements, investments in joint ventures are equity accounted. Segmental adjustments relate to the effects of reversing proportionate consolidation to reconcile to the reviewed condensed consolidated financial statements.
  GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Segmental analysis for core operations for period ended 31 December 2023 continued

R000

Trading profit / (loss) net of expected credit losses / EBITDA Port and Terminals

Logistics

Group

Total core operations

Marine Fuels

Private equity and property

Total

Segmental adjustments **

Port and Terminals

Logistics

Marine Fuels

	Reviewed	Re-presented
	31 December	31 December
2023	2022 *
1 335 904
1 037 903
1 173 608	1 245 372
3 395	(109 506)
2 512 907	2 173 769
47 621	102 148
(364 529)	(359 232)
2 195 999	1 916 685
(1 272 974)	(811 534)
	(729 225)	(501 481)
	(496 128)	(207 905)
	(47 621)	(102 148)
	923 025	1 105 151

* December 2022 figures have been re-presented for changes in the composition of the segments to align the segmental disclosure with the revised internal reporting lines.

• For segment reporting, investments in joint ventures are accounted for using proportionate consolidation whereby the effective share of the Group's ownership is applied to each line item above.
  In the reviewed condensed consolidated financial statements, investments in joint ventures are equity accounted. Segmental adjustments relate to the effects of reversing proportionate consolidation to reconcile to the reviewed condensed consolidated financial statements.
  GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Segmental analysis for core operations for period ended 31 December 2023 continued

R000

Profit / (loss) before interest and non-trading items Port and Terminals

Logistics

Group

Total core operations

Marine Fuels

Private equity and property

Total

Segmental adjustments **

Port and Terminals

Logistics

Marine Fuels

	Reviewed	Re-presented
	31 December	31 December
2023	2022 *
1 041 579
849 738
743 214	832 813
(36 027)	(152 754)
1 748 766	1 529 797
46 941	101 272
(364 529)	(359 232)
1 431 178	1 271 837
(899 784)	(653 024)
	(572 856)	(391 648)
	(279 987)	(160 104)
	(46 941)	(101 272)
	531 394	618 813

* December 2022 figures have been re-presented for changes in the composition of the segments to align the segmental disclosure with the revised internal reporting lines.

• For segment reporting, investments in joint ventures are accounted for using proportionate consolidation whereby the effective share of the Group's ownership is applied to each line item above.
  In the reviewed condensed consolidated financial statements, investments in joint ventures are equity accounted. Segmental adjustments relate to the effects of reversing proportionate consolidation to reconcile to the reviewed condensed consolidated financial statements.
  GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Segmental analysis for core operations for period ended 31 December 2023 continued

R000	Reviewed	Re-presented
	31 December	31 December
Share of associate companies' profit after taxation	2023	2022 *
252 560
Port and Terminals	161 510
Logistics	2 824	1 017
Total core operations	255 384	162 527
Segmental adjustments **	(236 156)	(130 964)
Port and Terminals	(236 156)	(130 964)
Logistics	-	-
Marine Fuels	-	-
	19 228	31 563

• December 2022 figures have been re-presented for changes in the composition of the segments to align the segmental disclosure with the revised internal reporting lines.

• For segment reporting, investments in joint ventures are accounted for using proportionate consolidation whereby the effective share of the Group's ownership is applied to each line item above.
  In the reviewed condensed consolidated financial statements, investments in joint ventures are equity accounted. Segmental adjustments relate to the effects of reversing proportionate consolidation to reconcile to the reviewed condensed consolidated financial statements.

GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023

Segmental analysis for core operations for period ended 31 December 2023 continued

R000	Reviewed	Re-presented
	31 December	31 December
Profit / (loss) attributable to ordinary shareholders	2023	2022 *
785 149
Port and Terminals	691 670
Logistics	615 296	600 636
Group	(66 074)	(202 394)
Total core operations	1 334 371	1 089 912
Marine Fuels	53 473	87 421
Private equity and property	(400 068)	(401 099)
	987 776	776 234

* December 2022 figures have been re-presented for changes in the composition of the segments to align the segmental disclosure with the revised internal reporting lines.

GRINDROD LIMITED

Additional information for analysts for the twelve months ended 31 December 2023