STRONG RELIABLE MACHINES STRONG RELIABLE SUPPORT
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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.