Annual Report and
Audited Consolidated
Financial Statements
FOR THE YEAR ENDED
31 MARCH 2024
Company Definitions
For the purposes of these Financial Statements the following definitions and terms are used:
Further “Definitions and Glossary” are detailed in the Appendix C accompanying this report.
Company Taylor Maritime Investments Limited
Group Companies Subsidiaries of the Company
(including Grindrod subsidiaries)
Group or Combined Group The Company and Group Companies
Grindrod Grindrod Shipping Holdings Limited, a dual NASDAQ
and Johannesburg Stock Exchange listed shipping business
(NASDAQ: GRIN, JSE: GSH)
1
TMI Refers to the Company and its wholly owned subsidiaries
only; excludes Grindrod and its subsidiaries
TMI Fleet TMI fleet of vessels excluding the Grindrod fleet
Grindrod Fleet Grindrod fleet of vessels excluding the TMI fleet
Combined Fleet The combined TMI and Grindrod fleet
1
To be delisted from NASDAQ and JSE, see note 17 in the notes to these Financial Statements for further details.
Contents
COMPANY OVERVIEW 3
Company Highlights 4
Summary Information 7
Investment Policy 8
Our Business Model and Key Strategic Objectives 10
STRATEGIC REVIEW 15
Chairman’s Statement 16
Chief Executive Officer’s Statement 20
Market Review 24
Portfolio and Operational Review 28
Financial Review 30
Environmental, Social and Governance Review 34
Stakeholders Report 42
Statement of Principal and Emerging Risks 46
and Uncertainties
Going Concern and Viability Statement 51
GOVERNANCE 55
Board of Directors and Executive Team 56
Corporate Governance 62
Report of the Nomination and 69
Remuneration Committee
Report of the Audit, Risk 81
and Engagement Committee
Report of the ESG and Engagement Committee 87
Directors’ Report 90
Statement of Directors’ Responsibilities 93
Independent Auditor’s Report 94
FINANCIAL STATEMENTS 107
Consolidated Statement of Comprehensive Income 108
Consolidated Statement of Changes 109
in Shareholders’ Equity
Consolidated Statement of Financial Position 110
Consolidated Statement of Cash Flows 111
Notes to the Consolidated Financial Statements 112
ADDITIONAL INFORMATION 144
Management and Administration 144
Appendix A – Alternative Performance Measures 145
Appendix B – Combined Group Financial 149
Information, Look-Through Basis (non-IFRS)
Appendix C – Definitions and Glossary 155