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BELL EQUIPMENT LIMITED

INTEGRATED ANNUAL REPORT

Contents

Introducing the integrated annual report

ifc

OVERVIEW

Bell Equipment at a glance

2

Our value creation process

4

Our growth path

6

Where we are

8

Our business model and products

11

Strategic overview and risk management

16

Global corporate structure

24

Leadership

26

PERFORMANCE REVIEW

Joint report by the chairman and chief executive

34

Finance director's report

38

Corporate governance report

42

Social, ethics and transformation committee report

52

Remuneration committee report

54

Stakeholder relations report incorporating

sustainability elements

68

SUMMARISED CONSOLIDATED

FINANCIAL STATEMENTS

Summarised consolidated statement of

financial position

93

Summarised consolidated statement of profit or loss....

94

Summarised consolidated statement of

other comprehensive income

95

Summarised consolidated statement of cash flows

96

Summarised consolidated statement of

changes in equity

97

Notes to the summarised consolidated results

98

SHAREHOLDER INFORMATION

Shareholder analysis

111

Shareholder diary

113

Glossary

114

Notice of annual general meeting

116

Form of proxy

attached

Electronic participation and verification

application form

attached

Corporate information

ibc

Introducing the integrated annual report

This integrated annual report is the group's primary reporting medium and it covers the financial year 1 January 2022 to 31 December 2022. Bell Equipment's 2022 integrated report aims to demonstrate in a balanced way how the group has continued to create value for shareholders, while meeting its responsibilities towards its other stakeholders.

The financial information in this report follows IFRS and is examined by independent auditors in conformity with International Standards on Auditing. The following main codes and standards were considered in providing information in the report:

  • the Companies Act
  • the JSE Listings Requirements
  • King IV
  • The IIRC's International Framework

The scope of this report includes all of Bell Equipment's subsidiaries and operating regions. The integrated annual reporting boundary covers risks, opportunities and outcomes relating to the group's operating environment, it's operating businesses and engagement with key stakeholders that could influence the group's ability to create and sustain value. Bell Equipment continues to embed management, sustainability and governance related reporting systems and processes in the operations. The six capitals, namely human, intellectual, social and relationship, manufactured, environmental and financial, are reported on and the content focuses on the material issues that have occurred during the financial reporting period and in certain instances up to the date of finalisation of this report.

Bell applies the principle of materiality in determining the disclosures of the integrated annual report. The process of identifying and prioritising the material matters for inclusion in this report involved reviewing:

  • its strategy
  • risks and risk management process
  • stakeholders and
  • the six capitals.

The six capitals

HUMANINTELLECTUAL

SOCIAL AND

MANUFACTURED

ENVIRONMENTAL

FINANCIAL

RELATIONSHIP

Additional online reporting

The integrated annual report is supplemented by the following additional reports which are available online at www.bellir.co.za:

  • Annual financial statements
  • Annual results presentation 2022
  • King IV Register 2022.

2 BELL EQUIPMENT LIMITED Integrated Annual Report 2022

Bell determines its material matters through the following process:

The process of identifying potential material

matters is a group wide responsibility

Identify

requiring input from all business units and

operations, and taking into account input

from stakeholders.

Issues are prioritised according to

operational and strategic impact on the

sustainability of the business.

Rank

GEC assumes responsibility for approval of

the material matters before endorsement

by the relevant committees and finally the

board.

In order to achieve the group's strategic objectives and manage its risks, these material issues are continuously monitored by Bell Equipment and its board, as the governing body.

Assurance in relation to its financial statements continues to be provided by the independent external auditor, Deloitte

  • Touche. Bell Equipment applies the combined assurance model which seeks to optimise the assurance obtained from management and internal and external assurance providers. The integrated annual report has been reviewed by the board but has not been independently assured. The sustainability information in the report has been approved by both the board's social, ethics and transformation committee and the risk and sustainability committee. Accredited service providers have determined selected non financial performance metrics, including market share statistics and the group's BBBEE rating. Management has verified the processes for measuring all other non financial information. The release of the sustainability and climate change disclosure guidance by the JSE has been noted and will be considered by the group in the reporting of the sustainability elements in the stakeholder relations report going forward.

The group continues to maintain internal accounting and administrative control systems and procedures designed to provide assurance that assets are safeguarded and that transactions are executed and recorded in accordance with the group's policies and procedures. Sound corporate governance practices and an ethical culture form the foundation for sustainable value creation for shareholders and other stakeholders. Good governance supports value creation through improved reporting to shareholders, greater transparency and disclosure.

Forward looking information focuses on the strategic objectives, operating plans and prospects for the 2023 financial year as well as the group's medium term financial targets. Investors are cautioned not to place undue reliance on any forward

The material matters are applied to inform

on Bell Equipment's long term business

Apply

strategies and targets as well as short to

and

medium term business plans.

validate

This is undertaken through the execution of

the group's strategy.

Areas of potential impact that are

assessed include both external and internal

Assess

matters, both positive and negative, that

substantively affect the group's ablity to

deliver on its strategy

looking statements contained herein, as they have not been reviewed or reported on by the group's external auditors. Whereas the group has made every effort to accurately and reasonably ensure the accuracy and completeness of the information contained within this integrated annual report, any forward looking statements speak only as at the date that they are made; the actual results may vary materially from those expressed or implied; and the group undertakes no obligation to publicly update or alter these or to release revisions after the date of publication of this integrated annual report.

Board approval

The board is responsible for ensuring the integrity of the integrated annual report. The directors have collectively assessed the content and confirm the report addresses all material issues, the integrated performance and the group's strategy.

The audit committee has oversight responsibility for integrated reporting and recommended the report for approval by the directors.

The 2022 integrated annual report was unanimously approved by the board on 28 March 2023.

GW Bell

L Goosen

Non executive chairman

Chief executive

28 March 2023

We welcome stakeholders' feedback on our reporting, which can be sent to Diana.Mcilrath@bellequipment.com.

SCAN THIS BARCODE

OR VISIT OUR WEBSITE

to download this report

www.bellir.co.za

BELL EQUIPMENT LIMITED Integrated Annual Report 2022

1

OVERVIEW

Bell Equipment at a glance

Bell Equipment is a South African company that operates on a global scale, but has retained the family ethos instilled by Irvine Bell when he founded the company in 1954 as a small engineering and agricultural repair service in northern KwaZulu-Natal.

Strong family values of integrity, honesty, accountability and respect have seen Bell become an integral part of the communities in which it operates. The group takes its responsibilities as a corporate citizen seriously, purchasing from local suppliers wherever possible and investing in meaningful outreach initiatives with a focus on education, training and development both internally and externally.

WHAT WE DO

DESIGN

EXPORT

SUPPORT

MANUFACTURE

DISTRIBUTE

INDUSTRIES WE SERVE

MINING

FORESTRY

INDUSTRY

AND QUARRYING

CONSTRUCTION

AGRICULTURE

2 BELL EQUIPMENT LIMITED Integrated Annual Report 2022

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Disclaimer

Bell Equipment Limited published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 07:56:05 UTC.