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BEL - Bell Equipment - Audited Results For The Year Ended 31 December 2009
Bell Equipment Limited
(Incorporated in the Republic of South Africa)
Share code: BEL
ISIN: ZAE000028304
Registration number: 1968/013656/06
("Bell")
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2009 2009 2008
R`000 R`000
ASSETS
Non-current assets 798 445 665 822
Property, plant and equipment 520 452 532 764
Intangible assets 39 873 30 309
Interest-bearing investments and long-term
receivables 73 982 34 787
Deferred taxation 164 138 67 962
Current assets 2 127 669 3 256 950
Inventory 1 618 728 2 546 512
Trade and other receivables 412 008 627 839
Current portion of interest-bearing long-term
receivables 37 409 20 016
Prepayments 16 932 13 663
Other financial assets 430 -
Taxation 10 280 12 494
Cash resources 31 882 36 426
Total assets 2 926 114 3 922 772
EQUITY AND LIABILITIES
Capital and reserves 1 420 435 1 769 555
Stated capital (note 6) 228 605 228 586
Non-distributable reserves 123 984 200 940
Retained earnings 1 066 540 1 326 761
Attributable to equity holders of Bell Equipment
Limited 1 419 129 1 756 287
Non-controlling interest 1 306 13 268
Non-current liabilities 374 654 273 881
Interest-bearing liabilities 218 404 83 171
Repurchase obligations and deferred leasing income 49 724 81 001
Deferred warranty income 89 047 95 370
Long-term provisions and lease escalation 17 479 14 339
Current liabilities 1 131 025 1 879 336
Trade and other payables 530 151 839 474
Current portion of interest-bearing liabilities 52 830 91 254
Current portion of repurchase obligations and
deferred leasing income 46 639 66 186
Current portion of deferred warranty income 17 599 11 047
Current portion of provisions and lease escalation 37 199 50 838
Other financial liabilities 3 922 -
Taxation 14 856 115 905
Short-term interest-bearing debt 427 829 704 632
Total equity and liabilities 2 926 114 3 922 772
Number of shares in issue (`000) 94 958 94 950
Net asset value per share (cents) 1,496 1,864
CONDENSED CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2009 2009 2008
R`000 R`000
Revenue 2 699 149 5 458 273
Cost of sales (2 164 082) (4 036 622)
Gross profit 535 067 1 421 651
Other operating income 143 477 71 300
Expenses (941 970) (903 847)
(Loss) profit from operating
activities (note 2) (263 426) 589 104
Net interest paid (note 3) (108 605) (74 637)
(Loss) profit before taxation (372 031) 514 467
Taxation (note 4) 100 325 (153 751)
(Loss) profit for the year (271 706) 360 716
(Loss) profit for the year
attributable to:
- Equity holders of Bell Equipment
Limited (259 744) 348 348
- Non-controlling interest (11 962) 12 368
(Loss) earnings per share (basic)
(note 5) (cents) (274) 367
(Loss) earnings per share (diluted)
(note 5) (cents) (274) 367
Dividend per ordinary share (cents) - 40
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009 2009 2008
R`000 R`000
(Loss) profit for the year (271 706) 360 716
Other comprehensive (loss) income
Exchange differences arising during the year (77 433) 61 921
Exchange differences on translating foreign operations (74 954) 60 413
Exchange differences on foreign reserves (2 479) 1 508
Effect of change in tax rate on property revaluation
reserve - 800
Other comprehensive (loss) income for the year, net
of tax (77 433) 62 721
Total comprehensive (loss) income for the year (349 139) 423 437
Total comprehensive (loss) income attributable to:
- Equity holders of Bell Equipment Limited (337 177) 411 069
- Non-controlling interest (11 962) 12 368
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2009 2009 2008
R`000 R`000
Cash operating (loss) profit before working
capital changes (223 592) 714 903
Cash generated from (invested in) working capital 784 160 (732 562)
Cash generated from (utilised in) operations 560 568 (17 659)
Net interest paid (108 605) (74 637)
Taxation paid (95 526) (154 249)
Net cash generated from (utilised in) operating
activities 356 437 (246 545)
Net cash flow utilised in investing activities (117 316) (171 825)
Net cash flow generated from financing activities 33 138 97 543
Net cash inflow (outflow) 272 259 (320 827)
Net short-term interest-bearing debt at beginning
of the year (668 206) (347 379)
Net short-term interest-bearing debt at end of the
year (395 947) (668 206)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2009
Attributable to equity holders of Bell Equipment Limited
Non-
distributable Retained
Stated capital reserves earnings Total
R`000 R`000 R`000 R`000
Balance at 31
December 2007 226 293 140 040 1 014 536 1 380 869
Issue of share
capital to
non-controlling
shareholders - - - -
Share options
exercised 2 293 - - 2 293
Dividend paid - - (37 944) (37 944)
Total
comprehensive
income for the
year - 62 721 348 348 411 069
Realisation of
revaluation
reserve on
depreciation
of buildings - (3 417) 3 417 -
Deferred
taxation on
realisation of
revaluation
reserve on
depreciation
of buildings - 957 (957) -
Increase in
legal reserves
of foreign
subsidiaries - 639 (639) -
Balance at 31
December 2008 228 586 200 940 1 326 761 1 756 287
Share options
exercised 19 - - 19
Total
comprehensive
loss for the
year - (77 433) (259 744) (337 177)
Realisation of
revaluation
reserve on
depreciation
of buildings - (3 418) 3 418 -
Deferred
taxation on
realisation of
revaluation
reserve on
depreciation
of buildings - 957 (957) -
Increase in
legal reserves
of foreign
subsidiaries - 2 938 (2 938) -
Balance at 31
December 2009 228 605 123 984 1 066 540 1 419 129
Non- Total
controlling capital and
interest reserves
R`000 R`000
Balance at 31 December 2007 - 1 380 869
Issue of share capital to
non-controlling shareholders 900 900
Share options exercised - 2 293
Dividend paid - (37 944)
Total comprehensive income for the year 12 368 423 437
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 13 268 1 769 555
Share options exercised - 19
Total comprehensive loss for the year (11 962) (349 139)
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 2009 1 306 1 420 435
ABBREVIATED NOTES TO THE AUDITED CONSOLIDATED RESULTS
for the year ended 31 December 2009
1. ACCOUNTING POLICIES
The financial statements from which these results are summarised have been
prepared in accordance with International Financial Reporting Standards (IFRS)
and the policies and methods of computation are consistent with those applied
to the previous year, except for the adoption of new and revised Standards and
Interpretations as indicated below.
In the current year, the group has adopted all of the new and revised Standards
and Interpretations relevant to its operations and effective for annual
reporting periods beginning 1 January 2009. The adoption of these new and
revised Standards and Interpretations has not had any significant impact on the
amounts reported in the financial statements and in this abridged report, but
instead have primarily resulted in presentation and disclosure changes.
The following new and revised Standards adopted in the current year affected
the presentation and disclosure in the financial statements and in this
abridged report:
IAS 1 - Presentation of Financial Statements
IAS 1, as revised in 2007, has introduced terminology changes (including
revised titles for the financial statements) and changes in the format and
content of the financial statements.
IFRS 8 - Operating Segments
IFRS 8 is a disclosure Standard and requires operating segments to be
identified on the basis of internal reports about components of the group that
are regularly reviewed by the chief operating decision maker in order to
allocate resources to the segments and to assess their performance. Following
the adoption, the identification of the group`s reportable segments has changed
(see note 8).
The financial statements have been prepared on the historical cost basis,
except for the revaluation of certain properties and financial instruments, and
adjustments, where applicable, in respect of hyperinflation accounting. This
abridged report complies with International Accounting Standard 34 - Interim
Financial Reporting, Schedule 4 of the South African Companies Act and the
disclosure requirements of the JSE Limited`s Listings Requirements.
2009 2008
R`000 R`000
2. (LOSS) PROFIT FROM OPERATING ACTIVITIES
(Loss) profit from operating activities is arrived
at after taking into account:
Income
Currency exchange gains 184 078 499 590
Decrease in warranty provision 17 398 -
Deferred warranty income 36 428 4 106
Import duty rebates 75 340 -
Royalties - 11 573
Net surplus on disposal of property, plant and
equipment and intangible assets 826 40
Expenditure
Amortisation of intangible assets 8 137 3 915
Auditors` remuneration - audit and other services 7 842 6 503
Currency exchange losses 190 788 566 640
Depreciation of property, plant and equipment 94 144 54 784
Impairment loss recognised on interest-bearing
long-term receivables 39 790 -
Increase in warranty provision - 2 742
Operating lease charges
- equipment and motor vehicles 24 502 28 312
- land and buildings 56 852 33 825
Research and development expenses (excluding staff
costs) 17 791 34 268
Staff costs 604 847 812 931
3. NET INTEREST PAID
Interest paid 121 912 104 237
Interest received (13 307) (29 600)
Net interest paid 108 605 74 637
4. TAXATION
A substantial portion of the tax credit in the current year relates to
estimated tax losses in subsidiaries. A deferred tax asset has been
recognised as future taxable income of sufficient amount is expected to be
earned.
5. (LOSS) EARNINGS PER SHARE
Basic (loss) earnings per share is arrived at as
follows:
(Loss) profit for the year attributable to equity
holders of Bell Equipment Limited (259 744) 348 348
Weighted average number of ordinary shares in
issue (`000) 94 952 94 907
Basic (loss) earnings per share (cents) (274) 367
Diluted (loss) earnings per share is arrived at as
follows:
(Loss) profit for the year attributable to equity
holders of Bell Equipment Limited (259 744) 348 348
Fully converted weighted average number
of shares (`000) 94 955 94 947
Diluted (loss) earnings per share (cents) (274) 367
Headline (loss) earnings per share is arrived at
as follows:
(Loss) profit for the year attributable to equity
holders of Bell Equipment Limited (259 744) 348 348
Net surplus on disposal of property, plant and
equipment and intangible assets (826) (40)
Tax effect of net surplus on disposal of property,
plant and equipment and intangible assets 231 11
Headline (loss) earnings (260 339) 348 319
Weighted average number of ordinary shares in
issue (`000) 94 952 94 907
Headline (loss) earnings per share (basic)(cents) (274) 367
Diluted headline (loss) earnings per share is
arrived at as follows:
Headline (loss) earnings calculated above (260 339) 348 319
Fully converted weighted average number
of shares (`000) 94 955 94 947
Headline (loss) earnings per share
(diluted) (cents) (274) 367
6. STATED CAPITAL
Authorised
100 000 000 (December 2008: 100 000 000) ordinary
shares of no par value
Issued
94 958 000 (December 2008: 94 950 000) ordinary
shares of no par value 228 605 228 586
The increase in issued share capital relates to
8 000 share options exercised at an
average share price of R2,40 per share.
7. CAPITAL EXPENDITURE COMMITMENTS
Contracted 58 3 552
Authorised, but not contracted 29 487 50 341
Total capital expenditure commitments 29 545 53 893
8. ABBREVIATED SEGMENTAL ANALYSIS
Operating
Revenue (loss) profit Assets Liabilities
R`000 R`000 R`000 R`000
December 2009
South African
sales
operation 1 814 718 (51 163) 867 119 841 898
South African
manufacturing
operation 858 579 (221 029) 1 828 593 644 662
European
operation 398 956 (68 731) 527 842 409 454
Rest of Africa
operation 803 466 (15 621) 312 905 273 357
All other
operations 9 217 (7 759) 556 850 131 215
Inter-segmental
eliminations (1 185 787) 100 877 (1 167 195) (794 907)
Total 2 699 149 (263 426) 2 926 114 1 505 679
December 2008 - Restated
South African
sales
operation 2 869 642 126 387 1 408 605 1 343 513
South African
manufacturing
operation 3 291 442 570 237 1 794 545 410 187
European
operation 1 156 683 2 193 885 446 667 617
Rest of Africa
operation 1 469 903 121 425 610 140 516 888
All other
operations 11 061 36 567 688 620 179 205
Inter-segmental
eliminations (3 340 458) (267 705) (1 464 584) (964 193)
Total 5 458 273 589 104 3 922 772 2 153 217
2009 2008
R`000 R`000
9. CONTINGENT LIABILITIES
9.1 The repurchase of units sold to customers
and financial institutions has been
guaranteed by the group for an amount of 6 903 10 473
In the event of repurchase, it is estimated that
these units would presently realise (17 475) (11 741)
Net contingent liability - -
9.2 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 the different categories of
financing provided by
WesBank, the group is liable for the full balance
due to WesBank by default
customers with regard to Bell backed deals and a
portion of the balance with
regard to Bell shared risk deals.
At year-end, Bell`s share of the risk on amounts
due by customers to WesBank
in respect of this financing venture totalled 151 517 120 508
In the event of default, the units financed would
be recovered and it is estimated
that they would presently realise (146 862) (103 986)
4 655 16 522
Less: provision for non-recovery (6 239) -
Net contingent liability - 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.
9.3 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 12 100 13 801
Less: provision for residual value risk (844) -
Net contingent liability 11 256 13 801
The provision for residual value risk is based on the assessment of the
probability of return of the units.
10. EXCHANGE RATES
2009 2008
Weighted Weighted
average Closing average Closing
The following major rates of
exchange were used:
United States Dollar: Euro 1,40 1,44 1,47 1,41
SA Rand: United States Dollar 8,29 7,36 8,24 9,23
United States Dollar: British
Pound 1,57 1,61 1,84 1,45
11. DIRECTORS` UPDATE ON GOING CONCERN
Although there are signs that we can expect a modest market recovery in 2010,
reduced demand for equipment and difficult trading conditions continued to
impact on the trading results and liquidity during the year under review. As
was the case in 2009, the priority remains cash generation, working capital
management and realising the value in inventory and receivables.
The shareholders continue to support the group and subsequent to year-end IA
Bell & Company extended the term on its R300 million loan to the group until 30
June 2012 or when the group`s gearing is sustainably maintained at 20% or less.
At the date of this report, R135 million of the loan has been drawn down and
R165 million remains available to the group.
The other major shareholder and the largest creditor of the group, John Deere,
continues to provide assistance on account settlement in respect of machines
and kits supplied.
Assistance has been provided by Government and the Department of Trade and
Industry by way of retrospective readmission to the MIDP programme. This
readmission will provide significant additional cash inflow to the group
during 2010. Furthermore, subsequent to year-end, application has been made to
the Industrial Development Corporation for additional longer term financing of
R300 million. The due diligence has been completed and we expect the outcome of
our application by the end of March 2010.
During 2009, steps were taken to reduce costs and right-size the group and the
full benefits of this will be realised in 2010.
Further contingency plans have also been developed and these will be
implemented if the market and sales volumes do not recover as expected. Careful
consideration has been given in these contingency plans to the long-term
sustainability of the business.
The group`s financiers remain fully apprised of the group`s results, liquidity
challenges, future business and contingency plans and have continued to
support the group during the year under review. The group acknowledges that the
continued support of the group`s financiers remains vital to the group`s future
success.
Regarding the group`s ability to continue as a going concern at the time of
approving these annual financial statements the directors, taking full
cognisance of all the issues referred to above, the improved market outlook and
sales forecasts going forward, believe that the going concern assumption is
appropriate.
12. INDEPENDENT AUDITORS` REPORT
The annual financial statements of the group have been audited by the company`s
auditors, Deloitte & Touche. The audit report has been modified to draw
attention to the existence of a material uncertainty which may cast significant
doubt on the group`s ability to continue as a going concern which has been
disclosed in the directors` report as per the extract from this report in note
11 above. Their modified report is available for inspection at the registered
office of the company.
13. SUBSEQUENT EVENTS
No fact or circumstance material to the appreciation of this report has
occurred between 31 December 2009 and the date of this report.
14. CHANGES IN DIRECTORATE
During the year under review the following changes in the composition of the
board of directors took place:
Mr PA Bell resigned as an alternate director on 13 January 2009
Mr MA Campbell resigned as an alternate director on 13 January 2009
Mr L Goosen was appointed as an alternate director on 13 January 2009
Mr AR McDuling was appointed as an alternate director on 13 January 2009
Mr PC Bell resigned as an alternate director on 2 November 2009
Mr DL Smythe resigned as a director on 2 November 2009
Mr JR Barton was appointed as a director on 2 November 2009
COMMENTARY
2009 has been the toughest and most challenging year in the Bell group`s
history. The global economic crisis continued to rage for most of 2009 and it
was only in December that we started to see a slow upturn in sales which has
continued through to February 2010. Despite this signal of an upturn it is
still too early to be certain of its sustainability as the availability of
finance continues to provide challenges.
In 2009, as a result of a drop in sales, we implemented a number of key
measures to adapt the group to a new lower cost level. From a short-term
perspective, these measures were both painful and costly but they were
necessary to ensure the group`s long-term survival and competitiveness.
During the year, we incurred once-off costs for personnel cutbacks, inventory
and residual value write-downs and increased provisions for credit losses. With
the recovery in global commodity prices, particularly copper, platinum and
gold, we are seeing a recovery in several of our markets. This is allowing us
to focus again more on our customers and at the same time we continue to
actively manage and control our costs in all parts of the group. We will also
work hard to achieve a significant increase in productivity as volumes
gradually return to more normal levels.
We closed the 2009 financial year with an after tax loss of R271,7 million
(2008: R360,7 million profit) and a loss per share of 274 cents (2008: 367
cents earnings per share). The group made an after tax loss of R84,8 million
in the six months ended 31 December 2009 as opposed to the loss of R186,9
million in the first six months. This relative improvement is largely due to
our reinstatement on a government support programme which I will expand upon
below.
In 2009, revenue decreased by 50,6% to R2,699 billion and at the same time
gross profit dropped by 62,4% to R535,1 million from last year`s R1,422
billion. Gross profit as a percentage of revenue decreased from 26% to 20%
as a result of the very competitive trading conditions in the market place.
Other operating income more than doubled from R71,3 million to R143,5 million
as a result of the re-introduction of the incentive referred to above.
Exports achieved a turnover of R1,20 billion which equates to 46% of the 2008
export turnover. Despite the turnover in Africa being lower than 2008, we are
very pleased with the market penetration we achieved. Our operations in Africa
continued to be strengthened during the year and we look forward to an improved
performance in this very important market during 2010. The first two months of
2010 have certainly been better than budget in the Africa division.
As reported in the previous year, we have been encouraged through the large
increases in business volumes and turnover to increase our overhead
structure substantially in the years leading up to December 2008. Reducing
overheads is a much more difficult task and whilst our number of employees has
dropped from 3 224 on 31 December 2008 to 2 076 at 31 December 2009, the
reduction in overheads is skewed by retrenchment and associated costs. In view
of the huge reduction in manufacturing we were only able to recover R190,7
million in labour and overheads as compared to R653,4 million in 2008. We do
expect production in 2010 to be double that for 2009 and this will allow for a
better recovery rate.
We are extremely unhappy to report that we have said farewell to 1 148 Bell
employees during the year under review but this was necessary in order to
ensure the group`s sustainability. As we continue to right size we will further
reduce our workforce in 2010, but hopefully this effect will be countered by
the re-employment of certain manufacturing employees as production increases
the demand for personnel. We have always stated that our people at Bell are our
greatest asset and their actions during 2009 have once again proved this to be
correct. The commitment by Bell`s employees to the company during 2009 has been
unbelievable. The decision by the employees and executive management to suspend
any increases and to take pay cuts of between 5% - 50% of their packages has
been greatly appreciated by all stakeholders. I am pleased to report that with
the improved business cycle all employees have gone back to receiving their
full salaries but almost 100% of them have had no salary increase for eighteen
months.
As mentioned in my interim report, this gesture from the employees has given
the board of directors a clear message that all employees are committed in
their fight for the company`s survival and that our company will come out of
the current financial situation with a robust and sustainable platform.
As we have reported annually over the past few years, we have continuously
engaged with our government in seeking opportunities to work with them in areas
around growth, sector programmes and skills development. We require this
assistance as a South African manufacturer to increase our global
competitiveness and sustainability. I am pleased to report that we have had
considerable assistance from the Department of Trade and Industry and the
Industrial Development Corporation (IDC) during the second half of 2009. We
have been readmitted to the MIDP programme and are participating in the study
regarding the APDP benefits to be effective from 2013. We have been readmitted
retrospectively to a key programme from the date of our exclusion, which we
have always considered to be unfair and against the principles for which the
programme was initially developed. We wish to pay tribute to the new Minister
of Trade and Industry for his personal intervention to ensure that the
situation was suitably addressed. We have not asked for any support that is not
available to our competitors in their countries of manufacture or ours, but
merely asked for a levelling of the playing fields. This readmission has
resulted in the increase in our other income of R75,3 million.
The recently announced Medium and Heavy Commercial Vehicle Industry review is
encouraging and we are engaging with government, their appointed consultants
and other industry role players to ensure the maximum benefit for Bell. The
revised Industrial Policy Action Plan announced the day after the budget, which
also emphasised entry-level job incentives, is also very welcome. The emphasis
of IPAP2 on metals and capital and transport equipment is very relevant to
Bell and is further enhanced by our local upstream supplier linkages.
As mentioned in our interim report, Bell and the IDC finalised a loan of R150
million to provide working capital for the financing of inventory. We are in
further negotiations with the IDC for additional funding of R300 million, R150
million of which will be used to continue to support our research and
development and capex requirements so that we can take immediate advantage of
any upturn with new equipment and facilities. I am pleased to report that we
have effected very little reduction in our research and development budget
and we continue to spend close to R10 million per month in driving this
success. We have a world-class group of professionals leading this team and we
continue to produce and develop innovative improvements to our equipment,
allowing us to stay at the cutting edge of technology in our field. I would
like to pay tribute to the research and development team who have continued to
strive to make us a world-class producer of our full-articulated dump truck
range.
In an effort to further support Bell Equipment Limited` s statement of
financial position, the directors of IA Bell & Company (Pty) Limited increased
that company`s cash loan facility from R150 million to R300 million
during August 2009. Whilst the company has drawn down only R135 million of that
loan at 12% interest per annum, it certainly will provide the necessary
headroom to the company`s treasury.
I would also like to pay tribute to our bankers and financiers who have given
us unflinching support through this very difficult period of time. We have
been able to reduce our commercial bank exposure from R812 million at the end
of March 2009 to R428 million at the end of December 2009. Whilst some of this
has been funded by the IA Bell & Company and IDC loans, the majority has come
from better management of the working capital. We have also been very
encouraged by the offers of continuing, if somewhat expensive, support from
our bankers and financiers as we diligently work at reducing our levels of
borrowings.
Finally, this is the last time I will be reporting to shareholders of the group
as it is my intention to retire as both the chairman and a director of the
company at the annual general meeting scheduled for 6 May 2010. It has been an
incredible privilege to be chairman of this company for the past thirty years
and I am very proud of what has been achieved and know that the current
executive team running the company will continue to grow and develop the
company. I am continuing in my role as chairman of IA Bell & Company and will
monitor the progress of the group. To my successor, Mike Mun-Gavin, I take
this opportunity of wishing him everything of the best. To the customers,
employees and all stakeholders at Bell, it has been a great privilege and
pleasure to work with you all and I wish you every success in the future.
HJ Buttery
Group Chairman
9 March 2010
CORPORATE INFORMATION
Directors: JR Barton*, GW Bell (Group Chief Executive), HJ Buttery
(Group Chairman), DM Gage (USA)#, KJ van Haght (Group Financial Director),
K Manning (USA)#, MA Mun-Gavin*, BW Schaffter (USA)#, TO Tsukudu*, DJJ Vlok*
#Non-executive directors *Independent non-executive directors
Alternate directors: L Goosen, GP Harris, JW Kloet (USA), AR McDuling
Company secretary: R Verster
Bell Equipment Limited
(Incorporated in the Republic of South Africa)
Address: 13 - 19 Carbonode Cell Road, Alton, Richards Bay, 3900, South Africa
Private Bag X20046, Empangeni, 3880, South Africa
Share code: BEL
ISIN: ZAE000028304
Registration number: 1968/013656/06 ("Bell")
Tel: +27 035 907 9201
Fax: +27 035 797 4453
E-mail: riaanv@bell.co.za
www.bellequipment.com
12 March 2010
Date: 12/03/2010 10:35:02 Supplied by www.sharenet.co.za
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