Revenue for the year rose to R6.8 billion (R6 billion) and gross profit was higher at R1.44 billion (R1.39 billion). Profit from operating activities grew to R433.2 million (R148.2 million). Profit for the year attributable to owners increased to R260.2 million (R37.5 million). Furthermore, headline earnings per share increased to 270cps (48cps).

Cash dividend declaration Notice is hereby given that the directors have declared a gross final cash dividend of 25 cents per ordinary share for the year ended 31 December 2017.

Outlook The political changes which took place in South Africa towards the end of 2017 have improved local sentiment and along with improved macroeconomic conditions we believe that all our African operations should deliver significantly better results in 2018. Improved business sentiment in the South African market will hopefully drive the many infrastructure projects proposed by government. Most major equipment markets are expected to see growth this year with global construction and mining machinery markets expected to increase by between 10% and 15%. The North American market for articulated dump trucks disappointed over the last 2 to 3 years with a decline in volumes. A turning point seems to have been reached in the fourth quarter of 2017 and the order book at this time suggests a somewhat stronger year for this very important market for Bell.

Board changes The Board has appointed Leon Goosen, the current chief executive designate, as the chief executive and Gary Bell will step down from his role as chief executive with effect from 1 June 2018. Gary will remain with the group, having been appointed as the non-executive chairman of the board effective 1 June 2018.

In compliance with the King IV requirements, John Barton will assume the role of lead independent non- executive director to ensure adherence to good governance principles. The board acknowledges his valuable chairmanship during the 3 years of his tenure.