Interim Results
28 Octobre 2008 - 4:36PM
UK Regulatory
RNS Number : 8668G
BB Holdings Ltd
28 October 2008
BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 2008
Belize City, Belize, October 28, 2008 -- BB Holdings Limited (London - AIM: BBHL) (the "Company") reported net income of $18.3m (2007 --
$14.5m) for the quarter ended September 30, 2008, the second quarter of fiscal 2009.
Earnings per share for the quarter ended September 30, 2008 was $0.31 (2007 -- $0.25).
The Financial Services division operating income for the quarter increased by 26 percent to $13.0m (2007 -- $10.3m). Interest income for
the quarter increased by 29 percent to $26.4m (2007 -- $20.4m).
Numar, our associate, provided another solid performance in the quarter. Sales were significantly ahead of last year with continuing
strong gross margins.
Background Information
The Financial Services division operates principally through the Belize Bank in Belize and the Turks and Caicos Islands. In Belize, the
Bank is the largest, full service commercial and retail banking operation with a head office in Belize City and thirteen branches extending
into each of the six districts of Belize. The principal operations of the Bank are commercial lending, consumer lending, deposit-taking and
related banking activities. In Turks and Caicos the Bank is one of the largest commercial lenders.
The Company's associate, Numar, owns edible oil processing and distribution operations and palm seed plantations principally in Costa
Rica, where they are market leaders in edible oils, margarine, industrial oils and animal feed.
For further information contact:
BB Holdings Limited Makinson Cowell
Belize +501 227 7178 1 (212) 994 9044
UK +44 (0)20 7248 6700
Note: This and other press releases are available at the Company's web site:
http://www.bbholdingslimited.com
BB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
3 months ended 3 months ended 6 months ended 6 months ended
September 30, September 30, September 30, September 30,
2008 2007 2008 2007
Financial Services
Interest income 26.4 20.4 51.5 38.8
Interest expense (10.7) (7.4) (20.8) (14.6)
Net interest income 15.7 13.0 30.7 24.2
Provision for loan losses (3.4) (2.8) (4.4) (3.3)
Net non-interest income 0.7 0.1 (0.7) (0.2)
(expense)
Operating income - Financial 13.0 10.3 25.6 20.7
Services
Corporate expenses (1.0) (0.8) (2.6) (1.7)
Total operating income 12.0 9.5 23.0 19.0
Associates 6.3 4.9 13.0 8.4
Interest income -- 0.1 -- 0.1
Net income 18.3 14.5 36.0 27.5
Earnings per ordinary share:
Basic and diluted:
Net income $0.31 $0.25 $0.61 $0.47
Number of shares - basic and 59.1m 59.1m 59.1m 59.1m
diluted
BB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
September 30 March 31
2008 2008
$m $m
Assets
Financial Services assets
Cash, cash equivalents and due from banks 47.5 43.9
Interest-bearing deposits with correspondent banks 80.0 127.1
Loans - net 850.5 761.1
Property, plant and equipment - net 16.8 17.0
Government of Belize Securities -- 5.0
Other assets 47.8 33.8
Total financial services assets 1,042.6 987.9
Corporate
Cash and cash equivalents 0.3 0.2
Other current assets 0.6 0.4
Property, plant and equipment - net 0.1 0.1
Associates 86.9 79.2
Total assets 1,130.5 1,067.8
Liabilities and shareholders' equity
Financial Services liabilities
Deposits 652.8 641.1
Short-term debt 4.0 --
Interest Payable 14.8 9.7
Other liabilities 16.3 10.7
Long-term debt 112.5 112.5
Total Financial Services liabilities 800.4 774.0
Corporate
Current liabilities 4.5 4.2
Long-term liabilities 1.2 1.2
Total liabilities 806.1 779.4
Total shareholders' equity 324.4 288.4
Total liabilities and shareholders' equity 1,130.5 1,067.8
BB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
6 month ended September 30 2008 2007
$m $m
Cash flow from operating activities
Net income 36.0 27.5
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 0.7 0.6
Provision for loan losses 4.4 3.3
Undistributed earnings of associates (7.7) (5.0)
Increase in interest payable 5.1 2.1
Changes in assets and liabilities - net (8.3) 3.4
Net cash provided by operating activities 30.2 31.9
Cash flows from investing activities
Purchase of property plant and equipment (net of (0.5) (2.3)
disposals)
Decrease in interest-bearing deposits 47.1 35.0
Decrease in Government securities 5.0 --
Increase in loans to customers (93.8) (92.2)
Net cash utilized by investing activities (42.2) (59.5)
Cash flows from financing activities
Increase (decrease) in short-tem debt 4.0 (6.0)
Increase (decrease) in deposits 11.7 (10.5)
Increase in long-term debt -- 50.0
Net cash provided by financing activities 15.7 33.5
Net change in cash, cash equivalents and due from banks 3.7 5.9
Cash, cash equivalents and due from banks at beginning 44.1 46.4
of year
Cash, cash equivalents and due from banks at end of 47.8 52.3
year
This information is provided by RNS
The company news service from the London Stock Exchange
END
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