Enhanced Investments - Financial Portal

Audited Results For The Year Ended 31 December 2023

Published: 2024-03-28 15:51:36 ET

BELL EQUIPMENT LIMITED
(Incorporated in the Republic of South Africa)
Share code: BEL
ISIN: ZAE000028304
Registration number 1968/013656/06
("Bell Equipment" or "the Company")

AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION

Bell Equipment is a Proudly South African and global company with more than 70 years of experience in the manufacture,
distribution and support of materials handling equipment. Our comprehensive network of Bell branches and independent dealers
supplies equipment solutions, ancillary products and after-sales services to the agriculture, forestry, waste handling,
construction and mining industries worldwide.

The content of this short form announcement is the responsibility of the board of directors of the Company.

Deloitte & Touche have issued an unmodified auditor's report on the annual financial statements for the year ended 31 December
2023.
The auditor's report and the annual financial statements are available on the Company's website at www.bellir.co.za.

Any investment decisions by investors should be based on the audited annual financial statements and investors are encouraged to
review the audited annual financial statements, which is available for viewing on the Company's website (www.bellir.co.za).

Link to financial results https://senspdf.jse.co.za/documents/2024/jse/isse/BEL/Final23.pdf

FINANCIAL AND OPERATING RESULTS
                                                                                            2023            2022        % change
                                                                                           R'000           R'000
Revenue                                                                               13 513 560      10 276 220               32
Profit from operating activities                                                       1 193 71          705 188               69
Profit for the year                                                                      793 566         478 851               66
Net cash (outflow) inflow for the year                                                  (437 474)         14 239           (3 172)
Earnings per share (basic)(cents)                                                            799             478               67
Headline earnings per share (basic)(cents)                                                   798             473               69
Net asset value per share (cents)                                                          5 527           4 565               21
Dividend per share (cents)                                                                     -              90            (100)

DIVIDEND CONSIDERATION
Over the last two financial years we gained pleasing traction in realising our planned growth, and we will continue along this path.
By its nature, growth in our business requires significant working capital investments in inventory and receivables. With this in mind,
coupled with a reflection on current volatile global political and economic uncertainties, the Board has resolved to preserve cash
resources rather than paying a dividend at this time. This will be reviewed at the interim results stage.

A shareholders’ presentation is available on the Company's website.

On behalf of the board

Gary Bell                                      Ashley Bell
Chairman                                      Chief Executive

Richards Bay
28 March 2024

DIRECTORS
Non-executive
GW Bell (Chairman), HR van der Merwe* (Lead Independent),
DH Lawrance*, ME Ramathe*, R Naidu*, U Maharaj*, M Geyer*
*Independent

Executive
AJ Bell** (Group Chief Executive), A Goordeen (Alternate),
KJ van Haght (Group Finance Director)
** AJ Bell was appointed as Group Chief Executive with effect from 1 January 2024.
L Goosen resigned as Group Chief Executive with effect from 31 December 2023.
Company Secretary
D McIlrath

Registered Office
13 - 19 Carbonode Cell Road, Alton, Richards Bay, 3900

Transfer Secretaries
JSE Investor Services Proprietary Limited
One Exchange Square, Gwen Lane, Sandown, Sandton, 2196

Sponsor
Investec Bank Limited
100 Grayston Drive, Sandown, Sandton, 2196

Auditors
Deloitte & Touche

www.bellir.co.za

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.