Grindrod Limited · JSE:GND
Grindrod — H1 2017 Earnings Presentation
20 slides from Grindrod's earnings presentation, June 2017
Slide 1: Grindrod Limited Additional Information for Analysts
FINANCIAL + FREIGHT + SHIPPING www.grindrod.com GRINDROD LIMITED ADDITIONAL INFORMATION FOR ANALYSTS for the six months ended 30 June 2017
Slide 2: Management Segmental Balance Sheets
FINANCIAL + FREIGHT + SHIPPING MANAGEMENT SEGMENTAL BALANCE SHEETS AS AT 30 JUNE 2017 FREIGHT FINANCIAL TOTAL R000 SERVICES SHIPPING SERVICES GROUP GROUP Fixed assets 2 734 736 6 157 391 188 494 64 960 9 145 581 Other assets 2 840 062 535 587 1 199 291 576 145 5 151 085 Current assets excluding cash
Slide 3: Other Segmental Information
FINANCIAL + FREIGHT + SHIPPING OTHER SEGMENTAL INFORMATION AS AT 30 JUNE 2017 FREIGHT FINANCIAL SEGMENTAL TOTAL R000 SERVICES SHIPPING SERVICES GROUP ADJUSTMENTS GROUP Depreciation and amortisation 139 416 205 081 2 708 12 700 (118 996) 240 909 Net interest 20 867 80 931 28 729 (69 811) (57 423) 3 2
Slide 4: Segmental Analysis
Unaudited Unaudited 30 June 30 June 2017 2016 R000 R000 Revenue Freight Services 1 650 766 2 266 251 Freight Services excluding businesses classified as held for sale 1 365 099 1 556 369 Businesses classified as held for sale 285 667 709 882 Shipping 11 509 615 8 574 232 Financial Services 224 993 2
Slide 5: Legal Net Debt Breakdown
FINANCIAL + FREIGHT + SHIPPING LEGAL NET DEBT BREAKDOWN AS AT 30 JUNE 2017 Including Financial Excluding Financial Services Services R million Net Debt Net Debt Loans and advances to bank customers 6 313 277 − Liquid assets and short-term negotiables 1 937 342 − Bank and cash 6 601 649 1 907 126 Ban
Slide 6: Freight Services Contribution by Business Unit
FINANCIAL + FREIGHT + SHIPPING FREIGHT SERVICES CONTRIBUTION BY BUSINESS UNIT Please note that these KPIs are as per Management Structure (JV’s proportionally consolidated line by line and e.g. revenue will be higher than revenue in the legal structure (where JVs are added as a one line item) Freigh
Slide 7: Freight Services Contribution by Business Unit
FINANCIAL + FREIGHT + SHIPPING FREIGHT SERVICES CONTRIBUTION BY BUSINESS UNIT Please note that these KPIs are as per Management Structure (JV’s proportionally consolidated line by line and e.g. revenue will be higher than revenue in the legal structure (where JVs are added as a one line item) Ports,
Slide 8: Fleet Overview (Owned and Long-Term Chartered Ships)
FINANCIAL + FREIGHT + SHIPPING FLEET OVERVIEW (OWNED AND LONG-TERM CHARTERED SHIPS) Bulk carriers Tankers Contracted in at 30 June 2017 Handysize Supramax Capesize Medium-range Small Total H2 2017 Number (average) 16.3 9.0 1.2 9.1 3.5 39.1 Cost (US$/day) 8 000 12 500 13 100 14 300 11 300 10 900 2018
Slide 9: Shipping – Contract Cover
FINANCIAL + FREIGHT + SHIPPING SHIPPING – CONTRACT COVER Bulk carriers Tankers Medium- Contracted at 30 June 2017 Handysize Supramax Capesize range Small Total H2 2017 Number (average) 4.0 5.2 0.4 3.2 1.6 14.4 Revenue (US$/day) 6 800 10 800 13 800 15 900 13 600 11 200 2018 Number (average) − 2.1 − 1
Slide 10: Shipping – Analysis of H1 2017 Earnings
FINANCIAL + FREIGHT + SHIPPING SHIPPING – ANALYSIS OF H1 2017 EARNINGS Bulk carriers Tankers H1 2017 H1 2016 Handysize Supramax Capesize Medium-range Small Total Total % Average number of owned / 17.9 9.0 1.9 9.5 4.5 42.8 37.2 − long-term chartered ships Average daily revenue (US$) 6 600 10 400 9 60
Slide 11: Shipping – Analysis of H1 2017 Revenue
FINANCIAL + FREIGHT + SHIPPING SHIPPING – ANALYSIS OF H1 2017 REVENUE 2017 H1 2016 Dry bulk Tankers Total Dry Medium bulk and Total Dry bulk Handysize Supramax Capesize Small range Tankers and Tankers Rm Rm Average no. of owned / long term ships 17.9 9.0 1.9 9.5 4.5 Average daily revenue (US$) 6 600
Slide 12: Additional Market Outlook
FINANCIAL + FREIGHT + SHIPPING ADDITIONAL MARKET OUTLOOK
Slide 13: South African National Port Volumes – YTD 2017
FINANCIAL + FREIGHT + SHIPPING SOUTH AFRICAN NATIONAL PORT VOLUMES – YTD 2017 Variance TEUs YTD 2017 YTD 2016 Volume % Deep sea landed full 704 017 669 828 34 189 5.1 Deep sea landed empty 147 087 132 677 14 410 10.9 Deep sea shipped full 577 363 509 943 67 420 13.2 Deep sea shipped empty 257 133 25
Slide 14: Auto Industry Sector – South Africa
FINANCIAL + FREIGHT + SHIPPING AUTO INDUSTRY SECTOR – SOUTH AFRICA 800 000 600 000 Vehicle units 400 000 200 000 0 2010 2011 2012 2013 2014 2015 2016 2017 South Africa: Vehicle imports, units South Africa: Vehicle exports, units (includes M&HCVs) South Africa: Vehicle production South Africa: Domest
Slide 15: SA Motor Industry Sales
FINANCIAL + FREIGHT + SHIPPING SA MOTOR INDUSTRY SALES Domestic sales Export sales 2017 2016 2015 2017 2016 2015 January 50 333 48 615 52 306 11 659 13 057 16 708 February 48 113 48 149 52 368 29 388 29 308 29 760 March 48 543 47 631 55 459 27 879 27 714 34 147 April 34 978 40 390 44 503 24 449 32 8
Slide 16: Handysize Bulk Carrier and Products Tanker Time Charter Rates
FINANCIAL + FREIGHT + SHIPPING HANDYSIZE BULK CARRIER AND PRODUCTS TANKER TIME CHARTER RATES 50 000 40 000 US$ per day 30 000 20 000 10 000 0 Q3 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 17: Global Seaborne Coal Trade
FINANCIAL + FREIGHT + SHIPPING GLOBAL SEABORNE COAL TRADE Source: Braemar ACM Research, 28 July 2017 GRINDROD LIMITED | ADDITIONAL INFORMATION FOR ANALYSTS for the six months ended 30 June 2017 (S17)
Slide 18: Global Seaborne Trade – Annual Change
FINANCIAL + FREIGHT + SHIPPING GLOBAL SEABORNE TRADE – ANNUAL CHANGE Source: Braemar ACM Research, 28 July 2017 GRINDROD LIMITED | ADDITIONAL INFORMATION FOR ANALYSTS for the six months ended 30 June 2017 (S18)
Slide 19: Disclaimer
FINANCIAL + FREIGHT + SHIPPING DISCLAIMER Statements contained throughout this presentation regarding the prospects of the group have not been reviewed or reported on by the group's external auditors. The information supplied herein is believed to be correct but the accuracy thereof is not guarantee
Slide 20: Grindrod Limited
www.grindrod.com GRINDROD LIMITED FINANCIAL + FREIGHT + SHIPPING