Bell Equipment : Audited Annual Financial Statements for the year ended 31 December 2021

STRONG RELIABLE MACHINES STRONG RELIABLE SUPPORT

2021

BELL EQUIPMENT LIMITED AUDITED ANNUAL FINANCIAL STATEMENTS

Contents

Global corporate structure .................................................................................................................................................................................... 2

Responsibility for financial statements ................................................................................................................................................................. 4

Directors' report ...................................................................................................................................................................................................... 6

Audit committee report ......................................................................................................................................................................................... 9

Independent auditor's report .............................................................................................................................................................................. 13

Consolidated statement of financial position ................................................................................................................................................... 19

Consolidated statement of profit or loss ............................................................................................................................................................ 20

Consolidated statement of profit or loss and other comprehensive income ............................................................................................... 21

Consolidated statement of changes in equity ................................................................................................................................................. 22

Consolidated statement of cash flows ............................................................................................................................................................... 23

Notes to the consolidated statement of cash flows ......................................................................................................................................... 24

Notes to the consolidated annual financial statements .................................................................................................................................. 26

Shareholder analysis ............................................................................................................................................................................................. 95

Glossary .................................................................................................................................................................................................................. 97

Corporate information ......................................................................................................................................................................................... 98

Global corporate structure

BELL EQUIPMENT

LIMITED

70% Bell Equipment SA Holdings Limited

22,5% K2017044733 (South Africa) (RF) (Pty) Limited (BESSA BEE SPV)

7,5% Bell Equipment Foundation Trust

Bell Equipment Company (Zambia) Limited

Bell Equipment (Deutschland) GmbH

Bell Equipment North America Inc

Bell Equipment UK Limited

Bell France SAS

Bell Equipment Russland LLC

Bell PTA (Private) Limited

Bell Equipment Australia Pty Limited

Bell Equipment (DRC) SARLU

Bell Euro Finance Limited

Bell International Finance Limited

Responsibility for financial statements

31 December 2021

Declaration in terms of the Companies Act, 71 of 2008 (as amended) (Companies Act)

The preparation of the annual financial statements for the year ended 31 December 2021, which appear on pages 6 to 12 and 19 to 94, has been supervised by the group finance director of Bell Equipment Limited, Mrs KJ van Haght.

Karen van Haght CA(SA)

Group finance director

24 March 2022

Approval of the annual financial statements

for the year ended 31 December 2021

The directors of Bell Equipment Limited are responsible for the integrity of the annual financial statements of the group and that the other information in these statements is fairly presented.

In order to fulfil this responsibility, the group maintains 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.

The annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and in accordance with the requirements of the Companies Act of South Africa, and have been examined by independent auditors in conformity with International Standards on Auditing.

The directors of Bell Equipment Limited are of the opinion that the group has adequate resources to continue in operation for the foreseeable future. The consolidated financial statements have therefore been prepared on a going concern basis.

The annual financial statements of the group which appear on pages 6 to 12 and 19 to 94 were approved by the directors on 24 March 2022 and are signed on their behalf by:

Gary Bell

Non-executive chairman

Leon Goosen Chief executive

24 March 2022