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Unaudited results for the six months ended 31 August 2022 and cash dividend declaration
Balwin Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number:2003/028851/06)
Share code: BWN
ISIN: ZAE000209532
(“Balwin” or “the Group”)
Unaudited results for the six months ended 31 August 2022 and cash dividend declaration
FINANCIAL HIGHLIGHTS
Revenue Increase of 20% to R1.6 billion
Profit for the period Increase of 48% to R173.0 million
Earnings per share Increase of 48% to 36.88 cents per share
Headline earnings per share Increase of 47% to 36.63 cents per share
Net asset value per share Increase of 11% to 771.39 cents per share
Balwin is South Africa’s leading national residential property developer of large-scale, sectional
title estates with a focus on high quality, environmentally efficient, affordable apartments with
an innovative lifestyle offering for residents.
Home buyers continued to reward Balwin for its unique product offering in the South African
residential property sector, with another pleasing performance for the six months ended 31
August 2022. Sustained strong demand resulted in 1 360 (H1 2022: 1 261) apartments
recognised in revenue during the period, an 8% increase from the prior period.
The Group’s gross profit margin improved to 26% for the period (H1 2022: 24%), a welcomed
improvement resulting from focused cost containment measures together with more robust
pricing on the sale of early phase apartments. Profit for the period increased by 48% to R173.0
million (H1 2022: R117.2 million).
The annuity businesses are steadily progressing with the majority contribution to financial
performance being derived from the fibre and bond origination businesses. Annuity businesses
contributed R37.9 million to revenue during the period under review (H1 2022: R21.0 million), an
increase of 80%.
The Group’s debt position improved marginally during the period, with the loan-to-cost ratio
reducing to 39.7% (H1 2022: 41.2%). It is noted that the balance sheet is recognised at cost with
no fair value adjustments included in the above metric. The Group is pleased with the cash
position of R581.2 million at period-end, significantly exceeding its covenant and Treasury
Policy thresholds.
The Group has secured a development pipeline of 45 411 apartments across 27 developments
in key target nodes, representing an approximate 15-year development horizon.
DIVIDEND
Notice is hereby given that the board has declared a final gross dividend of 9.9 cents per
ordinary share (H1 2022: 7.4 cents). The dividend is payable out of income reserves for the
period ended 31 August 2022 to ordinary shareholders in accordance with the timetable
below:
Declared Monday, 31 October 2022
Last day to trade (cum dividend) Tuesday, 6 December 2022
Shares trade ex-dividend Wednesday, 7 December 2022
Record date Friday, 9 December 2022
Payment date Monday, 12 December 2022
Dividend tax amounting to 1.98 cents per ordinary share will be withheld in terms of the Income
Tax Act. Ordinary shareholders who are not exempt from dividend tax will therefore receive a
dividend of 7.92 cents net of dividends tax. The Company has 519 411 852 ordinary shares in
issue. Balwin’s income tax reference number is 9058216848. Share certificates may not be
dematerialised or rematerialised between Wednesday, 7 December 2022 and Friday, 9
December 2022, both days inclusive.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the board of directors of Balwin. It contains
a summary of the information in the full announcement and does not contain full or complete
details. The full announcement can be found at:
https://senspdf.jse.co.za/documents/2022/jse/isse/BWNE/HY22.pdf
Copies of the full announcement, is available for viewing on the Group’s website at
www.balwin.co.za/investor-relations/results-reports-webcasts/financial-results/interim-results/
or may be requested in person at the Group’s registered office or the office of the sponsor,
Investec Bank Limited, 100 Grayston Drive, Sandown, at no charge, during office hours.
Any investment decisions by shareholders should be based on consideration of the full
announcement.
The financial information contained in this announcement has not been reviewed or reported
on by the company’s external auditor.
31 October 2022
Sponsor
Investec Bank Limited
Date: 31-10-2022 07:05:00
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