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Preliminary audited results for the year ended 31 December 2014
BELL EQUIPMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/013656/06)
("Bell")
Share code: BEL
ISIN: ZAE000028304
PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2014 Audited Audited
R'000 2014 2013
ASSETS
Non-current assets 1 011 357 957 032
Property, plant and equipment 672 106 691 631
Intangible assets 203 078 149 217
Investments 548 563
Interest-bearing long-term receivables 45 357 18 297
Deferred taxation 90 268 97 324
Current assets 3 483 147 3 799 301
Inventory 2 403 437 2 784 840
Trade and other receivables 728 638 851 871
Current portion of interest-bearing long-term receivables 42 519 21 059
Prepayments 25 346 22 947
Other financial assets 2 071 578
Non-current assets held for sale 11 850 -
Taxation 10 331 11 679
Cash resources 258 955 106 327
TOTAL ASSETS 4 494 504 4 756 333
EQUITY AND LIABILITIES
Capital and reserves 2 536 331 2 488 661
Stated capital (Note 5) 230 567 230 534
Non-distributable reserves 466 669 485 145
Retained earnings 1 831 459 1 766 067
Attributable to owners of Bell Equipment Limited 2 528 695 2 481 746
Non-controlling interest 7 636 6 915
Non-current liabilities 214 273 247 690
Interest-bearing liabilities 87 161 113 271
Repurchase obligations and deferred leasing income - 17 871
Deferred warranty income 65 616 52 596
Long-term provisions and lease escalation 44 813 40 382
Deferred taxation 16 683 23 570
Current liabilities 1 743 900 2 019 982
Trade and other payables 1 376 773 1 193 013
Current portion of interest-bearing liabilities 40 304 52 337
Current portion of repurchase obligations and
deferred leasing income 34 980 59 489
Current portion of deferred warranty income 59 079 48 483
Current portion of provisions and lease escalation 65 941 59 148
Other financial liabilities 4 404 4 937
Taxation 28 640 35 301
Short-term interest-bearing debt 133 779 567 274
TOTAL EQUITY AND LIABILITIES 4 494 504 4 756 333
Number of shares in issue ('000) 95 147 95 144
Net asset value per share (cents) 2 666 2 616
SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
for the year ended 31 December 2014
Audited Audited
R'000 2014 2013
Revenue 6 608 545 6 319 104
Cost of sales (5 067 408) (4 890 116)
Gross profit 1 541 137 1 428 988
Other operating income 148 597 144 847
Expenses (1 504 643) (1 233 760)
Profit from operating activities (Note 2) 185 091 340 075
Net interest paid (Note 3) (54 818) (34 699)
Profit before taxation 130 273 305 376
Taxation (63 853) (99 623)
Profit for the year 66 420 205 753
Profit for the year attributable to:
- Owners of Bell Equipment Limited 63 452 183 007
- Non-controlling interest 2 968 22 746
Earnings per share (basic) (cents) (Note 4) 67 193
Earnings per share (diluted) (cents) (Note 4) 66 189
SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2014
Audited Audited
R'000 2014 2013
Profit for the year 66 420 205 753
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising during the year (21 915) 252 300
Exchange differences on translating foreign operations (5 715) 244 106
Exchange differences on foreign reserves (711) 8 194
Reclassification to profit or loss of foreign currency translation reserve on
deregistered operations (15 489) -
Items that may not be reclassified subsequently to profit or loss: - 26 304
Surplus arising on revaluation of properties - 37 616
Taxation relating to surplus arising on revaluation of properties - (11 312)
Other comprehensive income for the year, net of taxation (21 915) 278 604
Total comprehensive income for the year 44 505 484 357
Total comprehensive income attributable to:
- Owners of Bell Equipment Limited 41 537 461 611
- Non-controlling interest 2 968 22 746
SUMMARISED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
for the year ended 31 December 2014
Attributable to owners of Bell Equipment Limited
Non- Non- Total
Stated distributable Retained controlling capital and
R'000 capital reserves earnings Total interest reserves
Balance at 31 December 2012 - Audited 228 749 197 050 1 596 095 2 021 894 51 665 2 073 559
Total comprehensive income for the year - 278 604 183 007 461 611 22 746 484 357
Recognition of share-based payments - 4 704 - 4 704 - 4 704
Share options exercised 1 785 - - 1 785 - 1 785
Dividends paid - - (37 991) (37 991) - (37 991)
Transactions with non-controlling interest - - 29 743 29 743 (67 496) (37 753)
Increase in statutory reserves of foreign subsidiaries - 4 787 (4 787) - - -
Balance at 31 December 2013 - Audited 230 534 485 145 1 766 067 2 481 746 6 915 2 488 661
Total comprehensive income for the year - (21 915) 63 452 41 537 2 968 44 505
Recognition of share-based payments - 3 132 - 3 132 - 3 132
Share options exercised 33 - - 33 - 33
Increase in statutory reserves of foreign subsidiaries - 307 (307) - - -
Transactions with non-controlling interest - - 2 247 2 247 (2 247) -
Balance at 31 December 2014 - Audited 230 567 466 669 1 831 459 2 528 695 7 636 2 536 331
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
Audited Audited
R'000 2014 2013
Cash generated from operations before working capital changes 368 119 684 923
Cash generated from (utilised in) working capital 571 458 (694 480)
Cash generated from (utilised in) operations 939 577 (9 557)
Net interest paid (54 818) (34 699)
Taxation paid (77 043) (90 925)
Net cash generated from (utilised in) operating activities 807 716 (135 181)
Net cash utilised in investing activities (183 600) (237 108)
Net cash utilised in financing activities (37 993) (144 165)
Net cash inflow (outflow) 586 123 (516 454)
Net (short-term interest-bearing debt) cash at beginning of the year (460 947) 55 507
Net cash (short-term interest-bearing debt) at end of the year 125 176 (460 947)
Comprising:
Short-term interest-bearing debt (133 779) (567 274)
Cash resources 258 955 106 327
Net cash (short-term interest-bearing debt) at end of the year 125 176 (460 947)
ABBREVIATED NOTES TO THE PRELIMINARY AUDITED CONSOLIDATED RESULTS
for the year ended 31 December 2014
31 December 31 December
R'000 2014 2013
1 ACCOUNTING POLICIES
The consolidated 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 amended standards and interpretations and the change
in functional currencies as described below.
In the current period the functional currency of the group's operation in Zambia changed
from Zambian Kwacha to United States Dollar (US Dollar) and the functional currency of the
group's operation in Russia changed from Russian Rouble to Euro. These operations'
primary economic environments are significantly influenced by the US Dollar (in Zambia) and
the Euro (in Russia). A significant portion of sales and the cost of goods and services in
these operations have been indexed against the US Dollar and Euro respectively.
In the current year the group has adopted all of the new and amended standards and
interpretations relevant to its operations and effective for annual reporting periods
beginning 1 January 2014. The adoption of these new and amended standards and
interpretations has not had any significant impact on the amounts reported in the
financial statements and in this preliminary report.
The summarised consolidated financial statements have been prepared on the historical
cost basis, except for the revaluation of properties and financial instruments. The summarised
consolidated financial statements are prepared in accordance with the requirements of the JSE
Limited's Listings Requirements for preliminary reports and the requirements of the Companies
Act in South Africa. The Listings Requirements require preliminary reports to be prepared in
accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS), the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee,
Financial Reporting Pronouncements as issued by the Financial Reporting Standards
Council and the information as required by IAS 34 Interim Financial Reporting. The
preparation of this preliminary report was supervised by the Group Finance Director,
KJ van Haght CA (SA).
2 PROFIT FROM OPERATING ACTIVITIES
Profit from operating activities is arrived at after taking into account:
Income
Currency exchange gains 195 831 181 880
Deferred warranty income 41 500 37 006
Import duty rebates 42 706 51 310
Reclassification to profit or loss of foreign currency translation reserve on
deregistered operations 15 489 -
Royalties 4 647 2 641
Net surplus on disposal of property, plant and equipment and intangible assets 1 485 998
Expenditure
Accrual for severance pay 21 378 -
Amortisation of intangible assets 25 280 19 604
Auditors' remuneration - audit and other services 10 214 10 399
Currency exchange losses 186 976 269 826
Depreciation of property, plant and equipment 114 881 107 839
Increase in provision for doubtful debts 69 887 -
Increase in warranty provision 6 814 8 060
Operating lease charges 128 441 122 539
Research expenses (excluding staff costs) 35 072 28 016
Staff costs (including directors' remuneration) 1 234 012 1 238 551
3 NET INTEREST PAID
Interest paid 67 722 42 047
Interest received (12 904) (7 348)
Net interest paid 54 818 34 699
4 EARNINGS PER SHARE
Basic earnings per share is arrived at as follows:
Profit for the year attributable to owners of Bell Equipment Limited (R'000) 63 452 183 007
Weighted average number of ordinary shares in issue ('000) 95 146 95 062
Earnings per share (basic) (cents) 67 193
Diluted earnings per share is arrived at as follows:
Profit for the year attributable to owners of Bell Equipment Limited (R'000) 63 452 183 007
Fully converted weighted average number of shares ('000) 95 640 96 933
Earnings per share (diluted) (cents) 66 189
Headline earnings per share is arrived at as follows:
Profit for the year attributable to owners of Bell Equipment Limited (R'000) 63 452 183 007
Net surplus on disposal of property, plant and equipment and intangible assets (R'000) (1 485) (998)
Taxation effect of net surplus on disposal of property, plant and equipment and
intangible assets (R'000) 416 279
Reclassification to profit or loss of foreign currency translation reserve on
deregistered operations (15 489) -
Headline earnings (R'000) 46 894 182 288
Weighted average number of ordinary shares in issue ('000) 95 146 95 062
Headline earnings per share (basic) (cents) 49 192
Diluted headline earnings per share is arrived at as follows:
Headline earnings calculated above (R'000) 46 894 182 288
Fully converted weighted average number of shares ('000) 95 640 96 933
Headline earnings per share (diluted) (cents) 49 188
5 STATED CAPITAL
Authorised
100 000 000 (2013: 100 000 000) ordinary shares of no par value
Issued
95 146 885 (2013: 95 144 385) ordinary shares of no par value 230 567 230 534
6 CAPITAL EXPENDITURE COMMITMENTS
Contracted 21 460 68 472
Authorised, but not contracted 59 418 147 079
Total capital expenditure commitments 80 878 215 551
7 ABBREVIATED SEGMENTAL ANALYSIS
Operating
R'000 Revenue profit (loss) Assets Liabilities
December 2014
South African sales operation 2 866 868 110 591 1 048 204 763 578
South African manufacturing and logistics operation 3 757 830 (2 709) 2 684 551 1 307 601
European operation 1 917 207 42 892 907 854 683 686
Rest of Africa and other international operations 1 540 758 6 537 951 258 825 981
North American operation 374 200 (15 855) 60 719 16 934
All other operations - (36 913) 1 113 956 137 515
Inter-segmental eliminations * (3 848 318) 80 548 (2 272 038) (1 777 122)
Total 6 608 545 185 091 4 494 504 1 958 173
December 2013
South African sales operation 2 826 034 94 234 878 142 677 524
South African manufacturing and logistics operation 4 391 050 206 850 2 809 933 1 394 737
European operation 1 564 810 48 348 1 279 303 1 053 743
Rest of Africa and other international operations 1 867 623 96 086 1 144 502 988 200
North American operation 337 176 (18 940) 177 094 141 351
All other operations - 8 447 1 143 113 145 743
Inter-segmental eliminations * (4 667 589) (94 950) (2 675 754) (2 133 626)
Total 6 319 104 340 075 4 756 333 2 267 672
* Inter-segmental eliminations above relate to the following:
i) Revenue - the elimination of intra-group sales transactions, mainly sales
from the South African manufacturing and logistics operation, to the distribution
operations.
ii) Operating profit (loss) - the elimination of profit (loss) on intra-group
transactions, mainly sales transactions from the South African manufacturing
and logistics operation to the distribution operations, where the inventory has
not yet been on-sold by the distribution operations to a third party at year-end.
iii) Assets and liabilities - the intra-group transactions result in intra-group
receivables and payables balances and furthermore intra-group loans are in
place between certain group operations. These are eliminated on consolidation.
31 December 31 December
R'000 2014 2013
8 CONTINGENT LIABILITIES
8.1 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
carries certain credit risks. These are considered to be financial guarantee contracts.
The group is liable for all credit risks and therefore the full balance due to WesBank
by default customers with regard to Bell-backed deals and a portion of the credit
risk and a portion of the balance due to WesBank by default customers with regard to
Bell-shared risk deals. In terms of the Bell-shared risk deals the group's exposure
is calculated as a percentage of the net selling price of the equipment.
At year-end the group's credit risk exposure to WesBank under Bell-backed deals
for which the group carries all the credit risk totalled 204 829 110 356
At year-end the group's credit risk exposure to WesBank under Bell-shared risk
deals for which the group carries a portion of the credit risk totalled 995 3 765
In the event of default, the equipment financed would be recovered and it is
estimated that they would presently realise the following towards the above
liabilities 243 954 158 624
Net contingent liability - -
The group has entered into similar shared risk arrangements with various other
institutions. These arrangements are first-loss undertakings and the group's exposure
remains fixed until the capital is repaid. These are considered to be financial
guarantee contracts.
At year-end the group's credit risk exposure to these financial institutions totalled 21 645 18 400
In the event of default, the equipment financed would be recovered and it is
estimated that they would presently realise the following towards the above liability 25 902 21 870
(4 257) (3 470)
Less: Provision for non-recovery (1 782) -
Net contingent liability - -
Where customers are in arrears with these financial institutions and there is a shortfall
between the estimated realisation values of equipment and the balances due by the
customers to these financial institutions, an assessment of any additional security is
done and a provision for any residual credit risk is made on a deal-by-deal basis.
8.2 The repurchase of equipment sold to customers and financial institutions has been
guaranteed by the group for an amount of 4 420 2 224
In the event of repurchase, it is estimated that the equipment would presently realise 19 037 6 234
Net contingent liability - -
This relates to sales transactions with buy-back obligations where the probability of
return of the equipment by the customer at the end of the buy-back period has been
assessed as remote and revenue has been recognised upfront. A provision for
residual value risk is recognised subsequent to initial recognition of the sale on a
deal-by-deal basis, to the extent that the assessed market value of the equipment is
less than the cost of meeting the buy-back obligation.
8.3 The residual values of certain equipment sold to financial institutions have been
guaranteed by the group. The group's exposure is limited to the difference between
the group's guaranteed amount and the financial institution's predetermined estimate.
In the event of a residual value shortfall on this equipment, the group would be exposed
to a maximum amount of 8 457 16 418
Less: Provision for residual value risk (670) (1 458)
Net contingent liability 7 787 14 960
In certain other transactions the group has paid cash collateral as security for the residual value
risk. This cash collateral is recognised as retention deposits under interest-bearing long-term
receivables. In the event of a residual value shortfall on this equipment, the group would
be exposed to a maximum amount equal to the cash collateral of 2 867 5 638
Less: Impairment of retention deposits - (668)
Net retention deposits and net contingent liability 2 867 4 970
Total net contingent liabilities 10 654 19 930
This relates to sales transactions to financial institutions which lease the equipment
to customers for an agreed lease term. In certain cases, the group has a remarketing
agreement with the institution for the disposal of the equipment returned after the lease
term, but in all instances the group's risk is limited to the residual value risk described
above.
The provision for residual value risk and the impairment of the retention deposits are
based on an assessment of the market value of the equipment.
9 FINANCIAL INSTRUMENTS
Categories of financial instruments included in the statement of financial position:
- Loans and receivables at amortised cost comprising interest-bearing long-term
receivables, trade and other receivables and cash resources.
The directors consider that the carrying amount of loans and receivables at amortised
cost approximates their fair value.
- Financial liabilities at amortised cost comprising interest-bearing liabilities, trade
and other payables and short-term interest-bearing debt.
The directors consider that the carrying amount of financial liabilities at amortised
cost approximates their fair value.
- Financial assets and liabilities carried at fair value through profit or loss include
forward foreign exchange contracts and fair value is determined based on a Level 2
fair value measurement. Level 2 fair value measurements are those derived from
inputs other than quoted prices.
- Available for sale financial asset comprising an unlisted equity investment at cost
for which a reliable fair value could not be determined.
10 INDEPENDENT AUDITOR'S REPORT
These summary consolidated financial statements for the year ended 31 December 2014
have been audited by Deloitte & Touche, who expressed an unmodified opinion thereon.
The auditor also expressed an unmodified opinion on the consolidated financial statements
from which these summary consolidated financial statements were derived.
A copy of the auditor's report on the summary consolidated financial statements and of the
auditor's report on the consolidated financial statements are available for inspection at
the company's registered office, together with the financial statements identified in the
respective auditor's report.
The auditor's report does not necessarily report on all of the information contained in this
announcement. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor's engagement they should obtain a copy of the
auditor's report together with the accompanying financial information from the issuer's
registered office.
11 SUBSEQUENT EVENTS
The group has reviewed its cost structures group-wide to ensure alignment with revenue
performance. The group's South African operations embarked on a consultation process
with organised labour and other relevant stakeholders in terms of Section 189A of the Labour
Relations Act. At the date of this report, a total of 124 employees had been awarded voluntary
separation packages at a cost of R30,7 million. Similar restructuring processes were followed
by all non-South African group operations. Of this, R21,4 million was incurred in the 2014
financial year and was accrued at year-end.
COMMENTARY
Overview
Stakeholders will be aware that the global and local environments in which we operated throughout
2014 were extremely challenging. Globally, economies were weak, with China's slowdown possibly
having the largest impact. Only the USA showed any signs of resilience. Markets were impacted by the
collapse of the oil price, brought on by a combination of oversupply and lower demand. This also had a
negative effect on other resources and in particular, minerals, which constitutes Bell's largest market.
Political turmoil in Eastern Europe and the Middle East also added to global tensions. These, together
with the concerns over the spread of the Ebola virus and all the other issues around the world, simply
delayed prospects of any meaningful global recovery.
In South Africa, the year started with a five month long platinum industry strike only to be followed a
few weeks later by a five week long NUMSA strike. Both had significant detrimental effects on Bell's
trading as the former virtually closed an industry into which Bell markets much of its product and the
latter impacted Bell directly as many of its employees are NUMSA members. More recently, the
electricity supply breakdowns have added to the difficulties being experienced not only by Bell's
manufacturing operations but by many of our suppliers as well. As has been well documented, this is
likely to persist for a few years to come.
Notwithstanding the above, Bell is well known for its innovation and resilience and will adjust its
operations accordingly to meet the conditions that exist.
Financial
The financial year under review proved to be a difficult one for Bell with the Group recording a profit
after tax amounting to R66.4 million, a reduction of 68% in comparison with the prior year, and earnings
per share amount to 67 cents (2013:193 cents). Of these consolidated profits, R63.5 million is
attributable to shareholders of Bell. Total comprehensive income attributable to shareholders of Bell fell
to R42 million compared with R462 million in the prior year. The decline in the comprehensive income
over the current year's profit after tax and the previous year's comprehensive income has arisen largely
as a result of exchange differences on the translation of foreign operations. The net outcome of these
results saw shareholders wealth (capital and reserves) rise by 2% to R2.54 billion (2 666 cents per share).
The current year's profit after tax is disappointing as sales increased by 5% and overall gross profit in
Rand terms improved by 8% in comparison with the previous year. Unfortunately this improvement in
gross profit was more than offset by increased expenses stemming largely from an increased under
recovery of fixed overheads as production was curtailed and an increase in the doubtful debts provision.
This was especially pronounced in the second half of the year.
The abovementioned fall in profits is largely the result of the continuing weakness and unpredictability
of the resource based economy and closer to home, the delayed impact of the protracted strikes and
labour unrest. This has caused disruption to mining production which in turn has resulted in orders for
equipment not being fulfilled.
In contrast to the above, there has been a particularly pleasing improvement in working capital
management during the year under review. Both inventories and trade receivables are significantly
lower than in the previous year. This has resulted in a vastly improved positive cash flow for the year
under review of R586 million which in turn has resulted in a net cash position at year end amounting to
R125 million in comparison with the previous year's net short term interest bearing debt obligations of
R461 million.
Operational issues
The range of products marketed by Bell continue to be well accepted by our customers and we maintain
our reputation as innovators in the market. The company continues to upgrade its various facilities and
a new Customer Service Centre was opened during the year in Kitwe, Zambia. Bell also continues to
invest significantly into research and development to ensure it remains at the forefront of the industry
and to this end, will be displaying its new range of large E-Series trucks at two major industry trade
shows later this year – Intermat in France and BAUMA in South Africa. These trucks will be available to
worldwide markets in 2016.
The drop in demand for mining-related products resulted in reduced throughput in the Group's
production facilities which in turn led to an under recovery of fixed overheads. Further capacity exists at
each of Bell's plants and it is hoped that increased utilization will return in the not too distant future.
Management continues to be active in trying to secure new markets for the Group's products and to
identify new products to manufacture in order to increase production throughput. Management is also
seeking out new sources of supply for the products required in our production processes with a view to
achieving cost savings and reducing supply lead times.
Notwithstanding the strikes referred to above, a good relationship exists with the vast majority of
employees and the Unions which represent the scheduled staff, something that is critical from an
operational point of view. It did however become necessary to reduce staff numbers and costs with the
result that the Group embarked upon a restructuring and right-sizing exercise towards the end of the
financial year and this has extended into the first quarter of 2015.
We continue to engage with government at various levels. We are fully supportive of, and encouraged
by, the government's plans to expand production in the value-added sectors where high employment
and growth multipliers are present. South Africa desperately needs to stimulate employment and the
manufacturing sector is one of the areas where this can best be achieved. We look forward to ongoing
interaction with government as we seek to find ways in which we can profitably develop the local supply
base and increase employment.
Outlook
The start to the year ahead has been modest and apart from signs that North America is on the road to
recovery, it is difficult to be too optimistic about the prospects for the global economy for the year
ahead. There are clearly still concerns in the Eurozone with the political upheavals in Eastern Europe
compounding the lack of confidence in economic growth for that region. As mentioned earlier in this
statement however, plans are being developed and implemented to address these issues in order that
Bell can maintain its competitive edge in the global marketplace. Within South Africa, the projected
increase in infrastructure spend should have a positive impact upon Bell, although its timing remains
uncertain.
By order of the Board
BELL EQUIPMENT LIMITED
12 March 2015
Directors
MA Mun-Gavin* (Chairman)
GW Bell (Group Chief Executive)
KJ van Haght (Group Finance Director)
L Goosen, JR Barton*, B Harie*
TO Tsukudu*, DJJ Vlok*, AJ Bell**
* Independent non-executive director
** Non-executive director
Company Secretary
Highway Corporate Services Proprietary Limited
Registered office
13 – 19 Carbonode Cell Road, Alton, Richards Bay, 3900
Transfer secretaries
Link Market Services South Africa Proprietary Limited
PO Box 4844, Johannesburg, 2000
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Release date: 16 March 2015
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