BELL RESULTS FOR 1999

BELL EQUIPMENT LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1968/013656/06)
("BELL")

AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 1999
CONSOLIDATED INCOME STATEMENT

                                               FOR YEAR ENDED

R000                                     31 DEC 1999     31 DEC 1998

REVENUE                                  1 163 527       942 685

CONTINUING OPERATIONS                    1 163 527       898 238

DISCONTINUED OPERATIONS                  -               44 447

OPERATING INCOME                         88 909          22 297

NET FINANCE COSTS                        (30 363)        (29 817)

LOSS FROM DISCONTINUED OPERATIONS        -               (16 536)

RESTRUCTURING COSTS                      -               (8 497)

INCOME/(LOSS) BEFORE TAXATION            58 546          (32 553)

TAXATION                                 12 135          149

INCOME/(LOSS) AFTER TAXATION             46 411          (32 702)

ATTRIBUTABLE TO OUTSIDE SHAREHOLDERS     -               1 243

ATTRIBUTABLE TO SHAREHOLDERS             46 411          (31 459)

SHARES IN ISSUE 000                      93 248          63 248

SHARES IN ISSUE 000 (WEIGHTED AVERAGE)   83 248          63 248

EARNINGS PER SHARE (CENTS)               56              (50)

DIVIDEND PER ORDINARY SHARE (CENTS)      6               -

NET ASSET VALUE PER SHARE (CENTS)        426             256
CONSOLIDATED BALANCE SHEET

PROPERTY, PLANT AND EQUIPMENT            82 485          29 782

INVESTMENTS                              1 393           16 070

INVENTORY                                333 366         359 986

ACCOUNTS RECEIVABLE                      167 905         121 587

ACCOUNTS AND DIVIDENDS PAYABLE           (125 339)       (102 733)

TAXATION                                 (5 132)         3 944

EMPLOYMENT OF CAPITAL                    454 678         428 636

SHAREHOLDERS' EQUITY                     397 204         162 117

NET BORROWINGS                           50 799          262 229

DEFERRED TAX                             6 675           4 290

TOTAL CAPITAL EMPLOYED                   454 678         428 636
ABBREVIATED CASH FLOW STATEMENT
OPERATING INCOME BEFORE WORKING

CAPITAL CHANGES                          96 764          1 217

CASH INVESTED IN WORKING CAPITAL         (3 561)         (29 990)

NET FINANCE COSTS PAID                   (32 477)        (31 585)

TAXATION PAID                            (1 358)         (2 846)
NET CASH PROVIDED (UTILISED) BY

OPERATING ACTIVITIES                     59 368          (63 204)
(INVESTED IN) PROCEEDS FROM PROPERTY,

PLANT, EQUIPMENT AND INVESTMENTS         (32 047)        48 432

CASH SURPLUS (FUNDING REQUIREMENT)       27 321          (14 772)

PROCEEDS FROM SHARE ISSUE                180 120         -

OUTSIDE SHAREHOLDERS                     -               (5 245)

NET BORROWINGS (REPAID) INCREASED        (207 441)       20 017
COMMENTARY ON RESULTS

1. THESE RESULTS REFLECT THE BENEFITS OF THE JOHN DEERE CONSTRUCTION EQUIPMENT
STRATEGIC ALLIANCE ENTERED INTO A YEAR AGO. THIS, COUPLED WITH GROWTH IN EUROPE
COMBINED WITH AGGRESSIVE ASSET MANAGEMENT, HAS ENSURED RECORD PROFITS AND
OPERATING CASH FLOW. THE C-SERIES PRODUCTS HAVE GAINED SUBSTANTIAL MARKET
ACCEPTANCE.

2. THE OUTLOOK REMAINS POSITIVE WHILE IT MUST ALWAYS BE REMEMBERED THAT WE ARE
DEPENDENT ON VARIOUS COMMODITY AND ECONOMIC CYCLES AND OPERATE IN AN
INCREASINGLY GLOBAL AND COMPETITIVE MARKET.

3. IN LIGHT OF THE RESULTS AND THE STRONG OPERATING CASH FLOW THE COMPANY HAS
DECLARED A DIVIDEND OF 6 (SIX) CENTS A SHARE. FUTURE DIVIDENDS WILL TAKE INTO
ACCOUNT THE SITUATION AT THE TIME.
DIVIDEND DECLARATION

NOTICE IS HEREBY GIVEN THAT A DIVIDEND OF 6 (SIX) CENTS PER ORDINARY SHARE OF
NO PAR VALUE PAYABLE IN THE CURRENCY OF THE REPUBLIC OF SOUTH AFRICA WILL BE
PAID TO SHAREHOLDERS REGISTERED AS AT THE CLOSE OF BUSINESS ON FRIDAY, 31 MARCH
2000. THE DIVIDEND WILL BE PAID ON OR ABOUT 14 APRIL 2000.
ON BEHALF OF THE BOARD
HJ BUTTERY GW BELL
CHAIRMAN GROUP CHIEF EXECUTIVE
DIRECTORS

GW BELL, HJ BUTTERY, PC BELL, MA CAMPBELL, *JM FIELD (USA), *MA GUINN (USA),
*PJC HORNE, *DR RD MARCUS, DJJ VLOK, *TD KGOBE, *DR MW ARNOLD (USA), *BB BROCK
(USA) (*NON-EXECUTIVE DIRECTORS)

ALTERNATE DIRECTORS: PA BELL, DI CAMPBELL, RC CRAWFORD, TJ GRAFF (USA), GP
HARRIS, DC MANHART (USA), JW BLOOM (USA)
COMPANY SECRETARY: DP MAHONY
14 MARCH 2000