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Grindrod Annual Report 2010

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Grindrod Annual Report 2010 ANNUAL REPORT 2010 Grindrod’s business involves the moving of cargo by road, rail, sea and air, providing integrated logistical and specialised services en route. B GRINDROD LIMITED/ANNUAL REPORT 2010 OVERVIEW Group highlights Grindrod Limited is the holding company of a dynamic organisation with 100 years experience in freight movement, providing total logistics solutions for its customers. 2010 2009 R million R million Shipping 4 264 4 918 Freight Services 2 643 2 302 Revenue up Trading 23 101 20 335 9% Financial Services 193 136 Group 2 0,2 Shipping 362 492 Freight Services 262 222 Earnings down Trading 120 181 11% Financial Services 45 36 Group (9) (58) Shipping (%) 46 56 Earnings from Freight Services (%) 34 25 non-shipping Trading (%) 15 21 businesses 54% Financial Services (%) 6 4 Group (%) (1) (6) Return on ordinary shareholders’ funds 15,4% Objectives Achieved In progress Preserve the group’s balance sheet ✓ Ensure substantial contracted shipping earnings for 2010/2011 ✓ Grow the group’s non-shipping businesses ✓ Identify and act on shipping acquisition opportunities at the right time ✓ GRINDROD LIMITED/ANNUAL REPORT 2010 1 Business proposition Group Vision The Grindrod group’s vision is to create sustainable returns and long-term value for shareholders. Business overview Grindrod’s business involves the movement of cargo by road, rail, sea and air, through integrated logistics services utilising specialised assets and infrastructure. Strategic positioning Listed in South Africa, with its head offi ce in Durban, Grindrod is a global business with representation in 24 countries. Focusing on the movement of drybulk and bulk liquid commodities, containerised cargo and vehicles. However, its South African origins, uniquely position the group to service African trade fl ows. As commodity and shipping markets are cyclical, these cargoes are infl uenced by different market/commodity cycles offering diversifi cation of revenue and risk mitigation. In pursuing its strategy of becoming a fully integrated freight and logistics service provider, Grindrod continues to invest in assets and in opportunities with high barriers to entry. 2 GRINDROD LIMITED/ANNUAL REPORT 2010 OVERVIEW The group’s ability to offer a full end-to-end service is a key competitive advantage which results in improved returns from its asset base and service offerings provided by the four operating divisions of the group. Assets and service offerings Shipping A relatively modern, low cost fl eet of owned and long-term chartered tankers and drybulk carriers, suitable for servicing different sectors and ports. A ship operating division, staffed by experienced personnel and supported by state of the art information technology systems, providing comprehensive freight solutions to customers in various sectors. Freight Services Ports and Terminals – strategically positioned bulk storage and handling capacity in key ports supported by rail, road and seafreight operations. Logistics – links the southern African inland economic hub regions to the ports for import/ export, along with domestic distribution, clearing and forwarding, ships agency and other logistical support services. Trading Sourcing and marketing agricultural and mineral commodities and marine fuels around the world through complete supply chain management. Financial Services While focused on asset management and investment banking expansion, trade fi nance and invoice discounting solutions support group operations and customers. GRINDROD LIMITED/ANNUAL REPORT 2010 3 Business proposition (continued) Commodity supply chain The Grindrod group seeks to provide services throughout the complete commodity supply chain. Terminals/ Producer Procurement Rail/Ports Shipping Logistics Customer Storage Cargoes handled Trading Logistics Ports and Terminals Shipping Financial Services Road tankers Tanker shipping Liquid bulk cargo Marine fuels Clearing and forwarding Tank Terminals Bunker tanker Ships agency shipping Terminals Industrial raw Road transportation Rail Trade fi nance Drybulk cargo materials Clearing and forwarding Ports Drybulk shipping Invoice discounting Agricultural Ships agency Stevedoring Warehousing Road and rail transportation Container depot Containerised Clearing and forwarding Seafreight cargo Container leasing Warehousing Car terminal Road transportation Ports Vehicles Clearing and forwarding Stevedoring Ships agency Strategy execution Grindrod has a strong track record of effectively managing the key parameters that contribute to the group’s ability to create value. Equity is deployed to divisions most suitably positioned based on the group’s collective market knowledge and evolving industry trends. 1. Capacity The group has made timely investments in capacity in strategic areas designed to create value and enhance its ability to integrate services and to diversify optimally within its core markets. These investments make the group a dominant player in southern African and international trade routes and its strong balance sheet ensures fl exibility to continue to make selective capacity investments. The group’s ongoing investment in strategically positioned port and terminal capacity, in particular where barriers to entry are high will ensure increased profi tability and its ability to offer customers a fully integrated point-to-point service. These investmentsare focused in areas where anticipated demand exceed current available capacity. 2. Utilisation Key factors contributing to achieving utilisation include longstanding customer relationships, point-to-point integrated services, strategic supply chain projects, long-term contracts and route knowledge. Delivery of services (such as rail) by other stakeholders is critical. 3. Margins The group, along with the rest of the industry, benefi ted from the historically high spot market shipping rates prior to the sub-prime recession. Following the recession, it has benefi ted from management’s prudent approach of securing long-term charters on its fleet. The benefi t of having committed the fl eet on long-term contracts during the shipping market peak, provided a hedge against the reduced spot market rates seen in 2010. This led to the group’s Shipping earnings outperforming spot market rates. Similarly, long-term take or pay agreements on key facilities and other contractual arrangements provide stability to earnings. The integration of the businesses as explained above further enhances margins. Margins are further enhanced through investment in areas where capacity demand is high. 4 GRINDROD LIMITED/ANNUAL REPORT 2010 OVERVIEW Management strengths • Wealth of experience • Ability to identify and respond to investment opportunities • Operational fl exibility, ability to make decisions quickly and to execute strategy • Strong customer, supplier and banking relationships • High standard of governance, integrity and professionalism Key drivers for Grindrod Shipping • Spot earnings rates for tanker and drybulk ships • Volumes shipped by operating business/operating margin per tonne Freight Services • Volumes handled through Ports and Terminals • Revenue in logistics business • Operating margins Trading • Volumes traded • Margin per tonne Financial Services • Net interest margins • Corporate activity As the majority of the group’s earnings are US Dollar denominated, the Rand/US Dollar exhange rate has a substantial impact on the fi nancial results. Guidance to investors The operational reviews of each division provide detailed fi nancial information. This allows for each business unit to be evaluated separately and for comparisons to be made to similar listed entities to arrive at a value for the group. Detailed information is provided to assist investors in the group’s results presentation and supplemental information, both of which are available on the group’s website, www.grindrod.co.za. GRINDROD LIMITED/ANNUAL REPORT 2010 5 Divisions Shipping Shipping’s modern fl eet of vessels trade globally under the banners of Singapore-headquartered Unicorn Shipping (Unicorn) and Island View Shipping (IVS). Unicorn’s modern fl eet of product and chemical tankers ship liquid chemicals and petroleum products worldwide. Bunker tankers provide physical supply of bunkers to ships in strategic locations such as Dunkirk, the English Channel, Rotterdam, River Thames, Cape Town and Durban. IVS operates a diversifi ed fl eet of modern ships including capesize, panamax, handymax and handysize bulk vessels, shipping drybulk cargo such as coal, ores and agricultural products. Vision To be a signifi cant and profi table shipowner and operator controlling in excess of 150 ships. Mission To provide high quality worldwide shipping services through the ownership and operation of a diversifi ed fl eet of modern ships. Freight Services Freight Services provides services for the integrated movement of drybulk, liquid bulk, containerised cargo and vehicles along specifi c import/export corridors. With a focus on these specifi c cargo types, the operations provide road transportation, rail, port operations, terminals, intermodal solutions, warehousing, storage, stevedoring, seafreight, ships agency services and all facets of traditional logistics. Vision To be a dominant and profi table freight services provider focusing on infrastructural development on the African continent. Mission To be the fi rst choice provider of a broad range of freight logistics services by integrating the group’s strategic infrastructure, assets, logistics and freight agency capabilities primarily
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