Updated Trading Statement BELL EQUIPMENT LIMITED (Incorporated in the Republic of South Africa) Registration number 1968/013656/06 ISIN: ZAE000028304 Share Code: BEL (“the Company”) UPDATED TRADING STATEMENT Shareholders are referred to the trading statement released on SENS on 4 December 2019 wherein it was reported that the Company’s earnings per share (“EPS”) and headline earnings per share (“HEPS”) were expected to be at least 25% lower (71 cents lower) for the year ended 31 December 2019 when compared to the EPS and HEPS of 283 cents and 278 cents respectively for the year ended 31 December 2018. Shareholders are further advised that the Company’s EPS and HEPS are now both expected to be at least 70% lower (198 cents lower) for the year ended 31 December 2019 when compared to the EPS and HEPS of 283 cents and 278 cents respectively for the year ended 31 December 2018. A further trading statement for the year ended 31 December 2019 will be released on SENS once the Company has reasonable certainty regarding the extent of the expected decrease in its results for the year ended 31 December 2019. The expected decrease in earnings is mainly due to the following: • The IFRS 2 Share-based payment charge relating to the Black Economic Empowerment Transaction announced on SENS on 11 December 2019. • A slow-down in market demand and strong pricing competition in the markets in which the group is active, especially in South Africa, in the second half of 2019. • High interest costs on higher than planned inventory levels. The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors. The results for the year ended 31 December 2019 are expected to be announced on SENS on or about 30 March 2020. Richards Bay 16 March 2020 Sponsor: INVESTEC BANK LIMITED Date: 16-03-2020 09:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
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