Wrap Text
BEL - Bell - Reviewed Interim Report for the six months ended 30 June 2009
Bell Equipment Limited
(Incorporated in the Republic of South Africa)
(Share code: BEL)
ISIN: ZAE000028304
Registration number: 1968/013656/06
("Bell")
Reviewed Interim Report for the six months ended 30 June 2009
Condensed consolidated statement of financial position
as at 30 June 2009
Reviewed Reviewed Audited
at at at
30 June 30 June 31 December
R`000 2009 2008 2008
ASSETS
Non-current assets 717 942 607 940 665 822
Property, plant and equipment 509 318 471 461 532 764
Intangible assets 28 917 16 635 30 309
Interest-bearing investments
and long-term receivables 66 010 50 897 34 787
Deferred taxation 113 697 68 947 67 962
Current assets 2 635 667 3 269 055 3 256 950
Inventory 2 153 553 2 248 113 2 546 512
Trade and other receivables 406 575 884 453 641 502
Current portion of interest-
bearing long-term receivables 55 311 107 575 20 016
Taxation 1 644 - 12 494
Cash resources 18 584 28 914 36 426
Total assets 3 353 609 3 876 995 3 922 772
EQUITY AND LIABILITIES
Capital and reserves 1 513 347 1 653 316 1 769 555
Stated capital (note 5) 228 586 228 586 228 586
Non-distributable reserves 130 465 179 000 200 940
Retained earnings 1 147 114 1 239 841 1 326 761
Equity attributable to equity
holders of Bell Equipment
Limited 1 506 165 1 647 427 1 756 287
Non-controlling interest 7 182 5 889 13 268
Non-current liabilities 379 523 303 649 273 881
Interest-bearing liabilities 214 787 148 840 83 171
Repurchase obligations and
deferred leasing income 70 497 101 575 81 001
Deferred warranty income 78 538 48 927 95 370
Long-term provisions and lease
escalation 15 701 4 307 14 339
Current liabilities 1 460 739 1 920 030 1 879 336
Trade and other payables 532 016 1 047 155 839 474
Current portion of interest-
bearing liabilities 70 529 33 125 91 254
Current portion of repurchase
obligations
and deferred leasing income 64 346 18 183 66 186
Current portion of deferred
warranty income 35 121 32 112 11 047
Current portion of provisions
and lease escalation 34 390 47 789 50 838
Taxation 51 811 128 689 115 905
Short-term interest-bearing
debt 672 526 612 977 704 632
Total equity and liabilities 3 353 609 3 876 995 3 922 772
Number of shares in issue
(`000) 94 950 94 950 94 950
Net asset value per share
(cents) 1 594 1 741 1 864
Condensed consolidated income statement
for the six months ended 30 June 2009
Reviewed Reviewed Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
R`000 2009 2008 2008
Revenue 1 375 295 2 787 369 5 458 273
Cost of sales (1 052 316) (2 074 887) (4 036 622)
Gross profit 322 979 712 482 1 421 651
Other operating income 16 770 39 590 71 300
Expenses (492 932) (343 341) (903 847)
(Loss)/profit from operating
activities (note 2) (153 183) 408 731 589 104
Net interest paid (note 3) 61 712 34 903 74 637
(Loss)/profit before
taxation (214 895) 373 828 514 467
Taxation (income)/ expense (27 987) 106 699 153 751
(Loss)/profit for the period (186 908) 267 129 360 716
(Loss)/profit for the period
attributable to:
- Non-controlling interest (6 086) 4 989 12 368
- Equity holders of Bell
Equipment Limited (180 822) 262 140 348 348
(Loss)/earnings per share
(basic) (cents) (note 4) (190) 276 367
(Loss)/earnings per share
(diluted) (cents) (note 4) (190) 276 367
Dividend per share (cents) - 40 40
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2009
Reviewed Reviewed Audited
6 months 6 months 12 months
ended ended ended
R`000 30 June 30 June 31 December
2009 2008 2008
(Loss)/profit for the period (186 908) 267 129 360 716
Other comprehensive
(loss)/income
Exchange differences arising
during the period (69 300) 40 069 61 921
Exchange differences on
translating foreign
operations (67 283) 39 803 60 413
Exchange differences on
foreign reserves (2 017) 266 1 508
Effect of change in tax rate
on property revaluation
reserve - - 800
Other comprehensive
(loss)/income for the
period, net of tax (69 300) 40 069 62 721
Total comprehensive
(loss)/income for the period (256 208) 307 198 423 437
Total comprehensive
(loss)/income attributable
to:
- Non-controlling interest (6 086) 4 989 12 368
- Equity holders of Bell
Equipment Limited (250 122) 302 209 411 069
Condensed consolidated cash flow statement
for the six months ended 30 June 2009
Reviewed Reviewed Audited
6 months 6 months 12 months
ended ended ended
R`000 30 June 30 June 31 December
2009 2008 2008
Cash operating (loss)/profit
before working capital
changes (187 664) 470 973 714 903
Cash generated from/
(invested in) working
capital 320 428 (469 433) (732 562)
Cash generated from/
(utilised in) operations 132 764 1 540 (17 659)
Net interest paid (61 712) (34 903) (74 637)
Taxation paid (70 992) (84 058) (154 249)
Net cash generated
from/(utilised in) operating
activities 60 (117 421) (246 545)
Net cash flow utilised in
investing activities (21 697) (201 242) (171 825)
Net cash flow from financing
activities 35 901 81 979 97 543
Net cash inflow/(outflow) 14 264 (236 684) (320 827)
Net short-term interest-
bearing debt at beginning of
the period (668 206) (347 379) (347 379)
Net short-term interest-
bearing debt at end of the
period (653 942) (584 063) (668 206)
Consolidated statement of changes in equity
for the six months ended 30 June 2009
Non-
Stated Retained distributable
R`000 capital earnings reserves
Balance at 31 December 2007
- audited 226 293 1 014 536 140 040
Issue of share capital to
non-controlling shareholders - - -
Share options exercised 2 293 - -
Dividend paid - (37 944) -
Total comprehensive income
for the period - 262 140 40 069
Realisation of revaluation
reserve on depreciation
of buildings - 1 593 (1 593)
Deferred taxation on
realisation of revaluation
reserve on depreciation
of buildings - (446) 446
Increase in legal reserve of
foreign subsidiaries - (38) 38
Balance at 30 June 2008 -
reviewed 228 586 1 239 841 179 000
Total comprehensive income
for the period - 86 208 22 652
Realisation of revaluation
reserve on depreciation
of buildings - 1 824 (1 824)
Deferred taxation on
realisation of revaluation
reserve on depreciation
of buildings - (511) 511
Increase in legal reserves
of foreign subsidiaries - (601) 601
Balance at 31 December 2008
- audited 228 586 1 326 761 200 940
Total comprehensive loss for
the period - (180 822) (69 300)
Realisation of revaluation
reserve on depreciation
of buildings - 1 708 (1 708)
Deferred taxation on
realisation of revaluation
reserve on depreciation
of buildings - (478) 478
Increase in legal reserves
of foreign subsidiaries - (55) 55
Balance at 30 June 2009
- reviewed 228 586 1 147 114 130 465
Non- Total
controlling capital and
R`000 Total interest reserves
Balance at 31 December 2007
- audited 1 380 869 - 1 380 869
Issue of share capital to
non-controlling shareholders - 900 900
Share options exercised 2 293 - 2 293
Dividend paid (37 944) - (37 944)
Total comprehensive income
for the period 302 209 4 989 307 198
Realisation of revaluation
reserve on depreciation
of buildings - - -
Deferred taxation on
realisation of revaluation
reserve on depreciation
of buildings - - -
Increase in legal reserve of
foreign subsidiaries - - -
Balance at 30 June 2008
- reviewed 1 647 427 5 889 1 653 316
Total comprehensive income
for the period 108 860 7 379 116 239
Realisation of revaluation
reserve on depreciation
of buildings - - -
Deferred taxation on
realisation of revaluation
reserve on depreciation
of buildings - - -
Increase in legal reserves
of foreign subsidiaries - - -
Balance at 31 December 2008
- audited 1 756 287 13 268 1 769 555
Total comprehensive loss for
the period (250 122) (6 086) (256 208)
Realisation of revaluation
reserve on depreciation
of buildings - - -
Deferred taxation on
realisation of revaluation
reserve on depreciation
of buildings - - -
Increase in legal reserves
of foreign subsidiaries - - -
Balance at 30 June 2009
- reviewed 1 506 165 7 182 1 513 347
Abbreviated notes to the interim report
for the six months ended 30 June 2009
1. Accounting policies
The accounting policies and methods of computation are consistent with those
applied in the financial statements for the year ended 31 December 2008,
which complied with International Financial Reporting Standards.
This abridged report complies with IAS 34, the Standard on Interim Financial
Reporting and has adopted Revised IAS 1 - Presentation of Financial
Statements and IFRS 8 - Operating Segments.
Reviewed Reviewed Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
R`000 2009 2008 2008
2. (Loss)/profit from operating
activities
(Loss)/profit from operating
activities is arrived at
after taking into account:
Income
Currency exchange gains 114 490 291 192 499 590
Net surplus on disposal of
property, plant and equipment 318 1 040 40
Royalties (248) 7 157 11 573
Decrease in warranty provision 16 597 11 134 -
Expenditure
Auditors` remuneration - audit
and other services 3 710 3 664 6 503
Amortisation of intangible
assets 3 590 1 189 3 915
Currency exchange losses 111 970 298 841 566 640
Depreciation of property,
plant and equipment 46 633 24 696 54 784
Operating lease charges
- equipment and motor vehicles 12 918 15 175 28 312
- properties 27 481 15 947 33 825
Research and development
expenses (excluding staff
costs) 10 388 15 100 34 268
Staff costs 350 097 398 300 812 931
3. Net interest paid
Interest paid 66 956 44 752 104 237
Interest received (5 244) (9 849) (29 600)
Net interest paid 61 712 34 903 74 637
4. (Loss)/earnings per share
Basic (loss)/earnings per
share is arrived at as
follows:
(Loss)/profit for the period
attributable to equity holders
of Bell Equipment Limited (180 822) 262 140 348 348
Weighted average number of
ordinary shares in issue
during the period 94 950 000 94 862 490 94 906 604
Basic (loss)/earnings per
share (cents) (190) 276 367
Diluted (loss)/earnings per
share is arrived at as
follows:
(Loss)/profit for the period
attributable to equity holders
of Bell Equipment Limited (180 822) 262 140 348 348
Fully converted weighted
average number of shares 94 963 402 94 905 004 94 946 517
Diluted (loss)/earnings per
share (cents) (190) 276 367
Headline (loss)/earnings per
share is arrived at as
follows:
(Loss)/profit for the period
attributable to equity holders
of Bell Equipment Limited (180 822) 262 140 348 348
Net surplus on disposal of
property, plant and equipment (318) (1 040) (40)
Tax effect of net surplus on
disposal of property, plant
and equipment 89 291 11
Headline (loss)/earnings (181 051) 261 391 348 319
Weighted average number of
ordinary shares in issue
during the period 94 950 000 94 862 490 94 906 604
Headline (loss)/earnings per
share (cents) (191) 276 367
Diluted headline
(loss)/earnings per share is
arrived at as follows:
Headline (loss)/earnings
calculated above (181 051) 261 391 348 319
Fully converted weighted
average number of shares 94 963 402 94 905 004 94 946 517
Headline (loss)/earnings per
share (diluted) (cents) (191) 275 367
5. Stated capital
Authorised
100 000 000 (June 2008:
100 000 000) ordinary shares
of no par value
Issued
94 950 000 (June 2008:
94 950 000) ordinary shares of
no par value 228 586 228 586 228 586
6. Capital expenditure
commitments
Contracted 1 897 13 349 3 552
Authorised, but not contracted 10 347 52 905 50 341
Total capital expenditure
commitments 12 244 66 254 53 893
7. Abbreviated segmental analysis
Operating
R`000 Revenue (loss)/profit Assets Liabilities
June 2009
South African
sales operation 1 046 351 (17 742) 1 035 651 990 843
South African
manufacturing
operation 490 087 (137 965) 2 081 577 818 696
European
operation 183 123 (25 439) 667 408 508 686
North African
operation 441 223 (9 995) 385 772 346 529
All other
operations 4 834 3 789 477 531 (251 078)
Inter-segmental
elimination (790 323) 34 169 (1 294 330) (573 414)
Total - reviewed 1 375 295 (153 183) 3 353 609 1 840 262
June 2008
South African
sales operation 1 496 358 73 480 1 297 540 1 257 044
South African
manufacturing
operation 1 683 204 419 208 1 885 702 623 047
European
operation 712 466 54 570 972 628 719 113
North African
operation 834 508 61 707 833 956 762 251
All other
operations 2 298 50 294 792 813 139
Inter-segmental
elimination (1 941 465) (250 528) (1 905 644) (1 137 915)
Total - reviewed 2 787 369 408 731 3 876 995 2 223 679
December 2008
South African
sales operation 3 154 063 126 387 1 479 239 1 414 147
South African
manufacturing
operation 3 291 442 570 237 1 794 545 410 187
European
operation 1 156 682 2 193 885 446 667 617
North African
operation 1 682 155 121 425 721 069 627 817
All other
operations 11 061 36 558 791 405 (8 148)
Inter-segmental
elimination (3 837 130) (267 696) (1 748 932) (958 403)
Total - audited 5 458 273 589 104 3 922 772 2 153 217
Reviewed Reviewed Audited
at at at
30 June 30 June 31 December
R`000 2009 2008 2008
8. Contingent liabilities
8.1 The repurchase of units sold to
customers and financial
institutions has been guaranteed
by the group for an amount of 5 411 19 724 10 473
In the event of repurchase, it is
estimated that these
units would presently realise 6 764 24 171 11 741
Net contingent liability - - -
The provision for residual value
risk is based on the
assessment of the probability of
return of the units.
8.2 The group has assisted customers
with the financing of
equipment purchased through a
financing venture with
WesBank, a division of FirstRand
Bank Limited.
In respect of a certain category
of this financing provided
and in the event of default by
customers, the group is at risk
for the full balance due to
WesBank by the customers.
At period-end the amount due by
customers to WesBank
in respect of these transactions
totalled 149 737 7 677 120 508
In the event of default, the
units financed would be
recovered and it is estimated
that they would presently
realise 125 670 33 355 103 986
24 067 (25 678) 16 522
Less: Provision for non-recovery (3 000) - -
Net contingent liability 21 067 - 16 522
To the extent that customers are
both in arrears with
WesBank and there is a shortfall
between the estimated
realisation values of units and
the balance due by the
customers to WesBank, a provision
for the full shortfall is made.
8.3 The residual values of certain
equipment sold to financial
institutions has been guaranteed
by the group.
In the event of a residual value
shortfall, the group would
be exposed to an amount of 12 972 13 903 13 801
Less: Provision for residual - - -
value risk
Net contingent liability 12 972 13 903 13 801
The provision for residual value risk is based on the
assessment of the probability of return of the units.
30 June 2009 30 June 2008 31 December 2008
Weighted Weighted Weighted
average Closing average Closing average Closing
9. Exchange
rates
The
following
major rates
of exchange
were used:
United
States $:
Euro 1,34 1,40 1,55 1,58 1,47 1,41
SA Rand:
United
States $ 8,99 7,71 7,72 7,83 8,24 9,23
United
States $:
British GBP 1,50 1,65 1,98 1,99 1,84 1,45
10. Directors` update on going concern
Reduced demand and difficult trading conditions as a result of the global
economic recession continue to impact on the liquidity and trading results of
the Bell Equipment group ("the group"). The priority remains cash generation
and realising the value in inventory and receivables.
Additional financing has been obtained from IA Bell & Company (Pty) Ltd
subsequent to half-year end. The initial facility of R150 million provided by
the shareholder has been increased to R300 million. The additional facility
is on the same terms and conditions as the original facility and is repayable
on the later of 30 June 2010 or when the group`s gearing is sustainably
maintained at 20% or less. Furthermore, a loan agreement for
R150 million has been finalised with the Industrial Development Corporation.
The group`s financiers remain fully apprised of the group`s results,
liquidity challenges and future business plans and have continued to support
the group during the period under review. The group acknowledges that the
continued support of the group`s financiers remains vital to its future
success.
Although the group continues to experience liquidity constraints and this
leads to material uncertainty at the time of approving these half-year
results, the directors, taking full cognisance of the issues referred to
above, current right sizing efforts and sales forecasts going forward,
believe that the going concern assumption is appropriate.
11. Independent auditors` report
The interim financial statements of the group have been reviewed by the
company`s independent auditors, Deloitte & Touche. The review was performed
in accordance with International Standards on Review Engagements - Review Of
Interim Financial Information Performed By The Independent Auditor Of The
Entity (ISRE 2410). Their review report has been modified to draw attention
to a material uncertainty regarding the group`s funding facilities, which has
been referred to in the note above.
12. Subsequent events
No fact or circumstance material to the appreciation of this report has
occurred between 30 June 2009 and the date of this report.
Commentary
Many dramatic changes have occurred in the world markets for mining and
construction equipment since the third Quarter of 2008. This time last year I
reported to shareholders that the results for the six months ended 30 June
2008 were the best half-year results in the group`s history. I am now
reporting to shareholders that we have had the worst six months results in
the Bell group`s history. The turmoil from the ongoing global recession
continues to deeply impact on sales for our industry however we are managing
the company to generate cash flow from a reduction in inventory and
receivables.
Sales revenue is down 51% from R2,787 billion to R1,375 billion and, more
importantly, gross profit is down by R389,5 million. Considering the serious
downturn in our markets we are pleased to report that the gross profit
percentage has held up reasonably well at 23% of sales as opposed to 26% in
the comparable period. This is despite intense competition in the market
place and constantly fluctuating exchange rates.
Parts and service sales represent 26,2% of total sales for the six months as
compared to 14,9% of total turnover in the first six months of 2008. The
opening of our global logistics centre in the first Quarter of 2009 at Jet
Park in Johannesburg was not without its challenges but I am now pleased to
report that not only are parts and service sales increasing on a monthly
basis but we are now providing our customer base world wide with a more
efficient and cost effective service. There is no doubt that our service
levels earlier this year were below the usual Bell standard but in the last
two months we have made enormous progress and are now proudly offering
improved service in ensuring parts supply to our customers. The consolidating
of four disparate parts locations under one roof has provided many
opportunities and we wish to pay tribute to the Bell Equipment Distribution
Division (BEDD) team and our internal service providers for the magnificent
job they have done in getting this facility up and running. The introduction
of the new Bomag range of compaction equipment that we have marketed since
the beginning of this year has performed well and will undoubtedly be a
significant profit provider to the group going forward. The Bomag range
offers our customer base a perfect match when considering infrastructure
spending.
Expenses are up 44% on the comparable period of 2008. This is almost
exclusively due to the massive drop in production from which overheads are
recovered at our two manufacturing facilities where we have not produced one
single unit at our German factory in the six months. The production at our
Richards Bay plant was also 20% of capacity for the six months. The recovery
of labour and overheads for the six months was R224,2 million less than the
comparable period in 2008. Taking this into consideration there continues to
be a focus on reduction in total expenses. As part of our total program to
right size the business to operate at a level of 50% of the 2008 sales, we
have reduced the number of employees by 617 compared with 30 June 2008. Some
of this was by natural attrition and we are currently in the process of
finalising a voluntary retrenchment initiative, which we expect will result
in a staff reduction of close to 300. When this program is completed and
after having exhausted the required legal procedures we will be forced to
consider the triggering of a general retrenchment of excess employee
requirements. This has been a traumatic experience for our group and has
only been done after very serious consideration to each of the positions
identified for retrenchment. Not only are there costs to retrenchment in
terms of the ruling labour legislation but we are also losing skilled people
who have benefited from and been developed by the various Bell training
programs. These costs, which have been incurred over many years, are not
recoverable. Not only have we considered the social consequences of the
retrenchments but have taken into account the effect these may have on the
very fabric of our business. It is a fine judgment call as to how far the
dismissals can go without materially damaging the future of Bell. We are
awaiting details of the Government`s distressed sector program and possible
training time assistance, which could reduce some of the general
retrenchments. We have continued to invest in the programs of our Research
and Development Division to ensure that Bell is kept at the forefront and
cutting edge of the development of technology required for our equipment
although we have limited the capital expenditure of this division as we have
for the whole group. We also continue in our quest for engineering
leadership to ensure that our customers are able to source the latest and
most cost effective and reliable equipment for use in their industry.
Net interest paid is substantially higher at R61,7 million (June 2008 R34,9
million), this despite a reduction in the overall interest rate. This is due
to the very high borrowings during the period under review as a result of the
excess inventory and long-term receivables we have had to finance. The loss
per share was 190 cents down from earnings per share of 276 cents in the
comparable period. The net asset value per share has decreased by R2,70 since
the beginning of the year to R15,94 per share at the 30 June 2009.
On a more positive note the reduction in short-term interest bearing debt was
R14,3 million, this despite an operating loss of R153,2 million. We are very
pleased to report that R627,9 million was realised from a decrease in
inventory and receivables. R375,1 million of this cash was used to reduce
payables and taxation due and over R61,7 million was required to pay
interest. Based on the current sales levels, which have improved since April,
we believe that we will be able to reduce inventory and receivables during
the current six-month period and the bulk of the forecasted cash flow from
this will be used to settle interest-bearing debt. This reduction in interest-
bearing debt is required to right size the borrowings to match the size of
our business going forward.
It is important to note that our bankers, financiers and two major
shareholders have continued to support the group. These entities have not
only been brought in to assist with the program of debt reduction through
inventory and overhead reduction but have provided enormous support and
encouragement to the executive directors of the group. Without this
assistance it would have been very difficult for us to be in the position
that we are today. As mentioned earlier in my report the right sizing
exercise in respect of overheads continues and should be completely rolled
out by the end of the current calendar year. Likewise, we need to continue
with the right sizing of inventory, receivables and facilities from our
financiers to match the business going forward into 2010 and beyond. Whilst
certain markets have stabilised at very low levels, others continue to
weaken. Our business in Europe is suffering more than anywhere else in the
group and further cuts in those overheads are inevitable. We have responded
aggressively in reducing costs throughout the group and continue to be
focused on the reduction of interest-bearing debt.
We are pleased to report that the Industrial Development Corporation (IDC)
and ourselves have been able to finalise a loan of R150 million on much the
same terms and conditions as funding granted by our existing commercial
banks. These funds will be used not only to retire existing debt but more
importantly to provide working capital for the financing of inventory that we
need and do not have in stock. We also have had very positive discussions
with the new Minister of Trade and Industry and his team and hopefully in the
near future we will be able to announce assistance from Government in helping
us and our employees and suppliers through this difficult period. There is no
doubt that our competitors continue to enjoy supply-side support measures
from their Governments and by our Government assisting us, it will help to
level the playing fields. Our BBBEE Company Bell Equipment Sales SA Limited
(BESSA) continues to operate successfully although not at the same levels of
profitability earned in 2008. Our partners Kagiso Trust Investments and the
Bell employee share scheme continue to be very supportive and actively assist
and advise this 70% owned subsidiary on a regular basis. We are pleased to
note that we are now at a Level 4 recognition so our customers` purchases of
equipment, parts and service qualify as 100% BEE.
By far the most impressive achievement of the Bell group in the past six
months has been the unbelievable commitment given to the company by its
employees. I cannot pay high enough tribute to the enormous support, letters
of encouragement and the additional time that they have given during this
very difficult period. Most of the employees from the shop floor to executive
level have accepted salary cuts from 5% to 50% of their packages. This has
been totally voluntary and I particularly wish to pay tribute to the Bell
Zambia team where 100% of the seventy-one employees have voluntarily agreed
to salary sacrifices. From the board of director`s perspective this gesture
from the employees has provided us with serious commitment to ensure that the
group not only gets through this difficult financial situation but also comes
out of it a better company. We have deliberately not aggressively attacked
the fabric but are working with a robust plan to right size the company to
make it more agile and profitable in 2010 and beyond. It is important that
when the markets do improve we have as much of our human capital and supply
base in tact as is possible.
Howard J Buttery
Group Chairman
6 August 2009
Richards Bay
Directors: HJ Buttery (Group Chairman), GW Bell (Group Chief Executive), DL
Smythe, KJ van Haght (Financial Director).
Non-executive directors: DJJ Vlok, MA Mun-Gavin, TO Tsukudu,
BW Schaffter (USA), K Manning (USA), DM Gage (USA).
Alternate directors: PC Bell, L Goosen, GP Harris, JW Kloet (USA),
AR McDuling.
Company Secretary: R Verster
Registered Office: 13 - 19 Carbonode Cell, Alton, Richards Bay
Transfer Secretaries: Link Market Services South Africa (Pty) Limited, PO Box
4844, Johannesburg 2000
Sponsor: Rand Merchant Bank (A division of FirstRand Bank
Limited)
www.bellequipment.com
Date: 11/08/2009 13:48:01 Supplied by www.sharenet.co.za
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