Page 85 - Profile's Stock Exchange Handbook - 2026 Issue 2

Profile’s Stock Exchange Handbook: 2026 - Issue 2 JSE - BAL
Balwin Properties Ltd. Bell Equipment Ltd.

ISIN: ZAE000209532 SHORT: BALWIN CODE: BWN ISIN: ZAE000028304 SHORT: BELL CODE: BEL
REG NO: 2003/028851/06 FOUNDED: 2003 LISTED: 2015 REG NO: 1968/013656/06 FOUNDED: 1968 LISTED: 1995
NATURE OF BUSINESS: Balwin is South Africa’s leading residential NATURE OF BUSINESS: Together the Bell Equipment group of
property developer of large-scale, sectional title estates with a companies manufacture, distribute, export, and support a wide range
focus on high-quality, environmentally efficient and affordable of heavy equipment on a global scale to the mining, construction,
apartments with an innovative lifestyle offering for residents. quarrying, agriculture, forestry, and waste handling industries.
SECTOR: RealEstate--RealEstate--InvestmentServices--Holdings SECTOR: Inds--IndsGoods&Services--IndsTransport--CommVehicle&Parts
NUMBER OF EMPLOYEES: 0 NUMBER OF EMPLOYEES: 2 969
DIRECTORS: Amosun T (ind ne), Kukama R K (ne), Mokgosi- DIRECTORS: Fitzpatrick S (ind ne), Geyer M (ind ne), Goordeen A (alt),
Mwantembe T (ind ne), Moloko K R (ind ne), Scher J H (ind ne), Jones S (alt), Lawrance D H (ind ne), Maharaj U (ind ne),
Shapiro A J (ind ne), Saven H (Chair, ind ne), Brookes S V (CEO), Naidu R (ind ne), Ramathe M (ind ne), Ramsumer H (ind ne),
Bigham J (CFO) van der Merwe H R (ld ind ne), Bell G W (Chair, ne), Bell A J (CEO),
MAJOR ORDINARY SHAREHOLDERS as at 4 Apr 2025 van Haght K J (Group FD)
Brookes S V 33.07% MAJOR ORDINARY SHAREHOLDERS as at 31 Dec 2025
Gray R N 9.29% I A Bell and Company (Pty) Ltd. 70.10%
Tatovect (Pty) Ltd. 9.09% Peregrine 5.03%
POSTAL ADDRESS: Private Bag X4, Gardenview, Johannesburg, 2047 Zenithar (Pty) Ltd. 5.03%
MORE INFO: www.sharedata.co.za/sdo/jse/BWN POSTAL ADDRESS: Private Bag X20046, Empangeni, 3880
COMPANY SECRETARY: Fluidrock Co Sec (Pty) Ltd. MORE INFO: www.sharedata.co.za/sdo/jse/BEL
TRANSFER SECRETARY: Computershare Investor Services (Pty) Ltd. COMPANY SECRETARY: D McIlrath
SPONSOR: Investec Bank Ltd. TRANSFER SECRETARY: JSE Investor Services (Pty) Ltd.
AUDITORS: BDO South Africa Inc. SPONSOR: Investec Bank Ltd.
CAPITAL STRUCTURE Authorised Issued AUDITORS: PwC Inc.
BWN Ords no par val 1 000 000 000 519 411 852 CAPITAL STRUCTURE Authorised Issued
DISTRIBUTIONS [ZARc] BEL Ords no par val 100 000 000 95 629 385
Ords no par val Ldt Pay Amt DISTRIBUTIONS [ZARc]
Final No 13 20 Jun 23 26 Jun 23 14.10 Ords no par val Ldt Pay Amt
Interim No 12 6 Dec 22 12 Dec 22 9.90 Final No 18 21 Apr 26 28 Apr 26 100.00
LIQUIDITY: Apr26 Avg 501 571 shares p.w., R1.5m(5.0% p.a.) Final 14 Apr 25 22 Apr 25 160.00
LIQUIDITY: Apr26 Avg 128 461 shares p.w., R5.3m(7.0% p.a.)

FINANCIAL STATISTICS
Aug 25 Feb 25 Feb 24 Feb 23 Feb 22 FINANCIAL STATISTICS
(R ‘000)
Interim Final Final Final Final (R million) Dec 25 Dec 24 Dec 23 Dec 22 Dec 21
Turnover 1 224 134 2 220 918 2 356 284 3 326 908 3 125 269 Final Final Final(rst) Final Final
Op Inc 156 583 346 995 330 814 592 750 513 046 Turnover 11 152 11 697 13 514 10 276 8 017
NetIntPd(Rcvd) 15 704 32 725 20 558 - 4 379 - 2 294 Op Inc 581 754 1 194 705 404
Minority Int 4 511 1 346 1 704 1 087 545 NetIntPd(Rcvd) 10 82 114 59 34
Att Inc 97 879 232 678 215 668 436 267 362 579 Minority Int 23 31 30 22 7
TotCompInc/Loss 98 831 234 493 218 789 436 862 363 124 Att Inc 384 440 764 457 287
Fixed Ass 817 489 746 728 602 201 481 433 259 397 TotCompInc/Loss 383 395 1 008 552 358
Inv & Loans 3 131 3 131 8 664 8 664 10 264 Fixed Ass 1 030 1 041 1 006 944 919
Tot Curr Ass 7 439 937 7 304 432 6 984 676 6 752 030 6 277 985 Investments 26 24 36 63 59
Ord SH Int 4 408 344 4 253 216 4 005 755 3 834 927 3 515 419 Tot Curr Ass 6 963 7 054 8 509 6 757 5 131
Minority Int 20 604 4 641 3 295 1 591 504 Ord SH Int 5 780 5 574 5 211 4 320 3 838
LT Liab 1 903 052 1 295 447 1 461 774 1 541 981 1 083 470 Minority Int 125 103 74 45 24
Tot Curr Liab 1 955 292 2 531 154 2 159 523 1 919 748 1 996 588 LT Liab 980 969 1 031 871 681
PER SHARE STATISTICS (cents per share) Tot Curr Liab 2 061 2 446 4 219 3 415 2 381
HEPS-C (ZARc) 20.91 45.95 47.94 91.49 75.88 PER SHARE STATISTICS (cents per share)
DPS (ZARc) - - - 24.00 20.90 HEPS-C (ZARc) 413.00 465.00 798.00 473.00 294.00
NAV PS (ZARc) 946.03 910.20 858.49 824.38 749.01 DPS (ZARc) 100.00 160.00 - 90.00 50.00
3 Yr Beta 0.61 0.60 0.53 - 0.01 - 0.19 NAV PS (ZARc) 6 174.00 5 936.00 5 527.00 4 565.00 4 013.08
Price High 287 275 322 350 500 3 Yr Beta 0.81 1.02 0.51 0.38 0.14
Price Low 166 160 190 236 270 Price High 4 680 5 190 2 497 1 750 1 547
Price Prd End 270 212 200 315 309 Price Low 3 599 2 250 1 400 1 001 630
RATIOS Price Prd End 4 200 4 063 2 300 1 525 1 235
Ret on SH Fnd 4.62 5.50 5.42 11.40 10.33 RATIOS
Oper Pft Mgn 12.79 15.62 14.04 17.82 16.42 Ret on SH Fnd 6.90 8.30 15.02 10.97 7.62
D:E 0.43 0.30 0.36 0.40 0.31 Oper Pft Mgn 5.21 6.45 8.83 6.86 5.04
Current Ratio 3.81 2.89 3.23 3.52 3.14 D:E 0.23 0.29 0.50 0.47 0.35
Div Cover - - - 3.91 3.70 Current Ratio 3.38 2.88 2.02 1.98 2.16
Div Cover 4.02 2.88 - 5.31 6.00

83