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Audited results for the year ended 28 February 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”)
Audited results for the year ended 28 February 2022 and cash dividend declaration
Balwin is South Africa’s leading national residential property developer of large-scale,
sectional title estates for the low-to-middle income population, with a focus on high quality,
environmentally efficient, affordable apartments with an innovative lifestyle offering for
residents.
Balwin’s results for the financial year ended 28 February 2022 demonstrate a continued steady
recovery from the prior year. Sustained strong customer demand resulted in a 16% increase in
the number of apartments recognised in revenue in the year. The strong sales enabled Balwin
to hand over 2 962 apartments to clients which were recognised in revenue (2021: 2 546
apartments).
FINANCIAL HIGHLIGHTS
Revenue Increase of 16% to R3.1 billion
Profit for the year Increase of 8% to R363.1 million
Earnings per share Increase of 8% to 77.24 cents per share
Headline earnings per share Increase of 6% to 75.88 cents per share
Core headline earning per share* Increase of 16% to 83.15 cents per share
Cash position at year end Increase of R329.1 million to R665.6 million
Net asset value per share Increase of 10% to 749.01 cents per share
DIVIDEND
Notice is hereby given that the board has declared a final gross dividend of 13.5 cents per
ordinary share (2021: 16.2 cents). The total dividend per share for the year amounted to 20.9
cents (2021: 35.8 cents). The decrease in dividends per share is as a result of the prior year
dividend including a previously deferred dividend distribution that was withheld at the end of
the 2020 financial year due to the uncertainty of the Covid-19 pandemic. The dividend is
payable out of income reserves for the year ended 28 February 2022 to ordinary shareholders
in accordance with the timetable below:
Declared Monday,16 May 2022
Last day to trade (cum dividend) Monday, 13 June 2022
Shares trade ex dividend Tuesday, 14 June 2022
Record date Friday, 17 June 2022
Payment date Monday, 20 June 2022
Dividend tax amounting to 2.70 cents per ordinary share will be withheld in terms of the Income
Tax Act. Ordinary shareholders who are not exempt from dividends tax will therefore receive a
dividend of 10.80 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 14 June 2022 and 17 June 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/FY22.pdf
Copies of the full announcement, which includes the unmodified audit report and key audit
matters, are available for viewing on the group’s website at www.balwin.co.za/investor-
relations/results-reports-webcasts/financial-results/full-year-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.
Footnote:
* Core headline earnings is a non-IFRS measure calculated as headline earnings for the period excluding certain non-
operating items. Headline earnings in the current financial year was adjusted for a once-off IFRS 2 BEE charge to arrive at the core
headline earnings figure. No adjustments were required to the prior year’s headline earnings.
16 May 2022
Sponsor
Investec Bank Limited
Date: 16-05-2022 07:05:00
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