TIDMBBHL 
 
RNS Number : 5054M 
BB Holdings Ltd 
30 January 2009 
 
                  BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE 
                      NINE MONTHS ENDED DECEMBER 31, 2008 
 
Belize City, Belize, January 30, 2009 -- BB Holdings Limited (London - AIM: 
BBHL) (the "Company") reported net income of $16.3m (2007 -- $16.1m) for the 
quarter ended December 31, 2008, the third quarter of fiscal 2009. Earnings per 
share for the quarter ended December 31, 2008 was $0.28 (2007 -- $0.27). 
 
For the nine months ended December 31, 2008 the Company reported net income of 
$52.3m (2007 -- $43.6m) and earnings per share of $0.88 (2007 -- $0.74). 
 
Numar, our associate, provided another solid performance for the quarter and for 
the nine months ended December 31, 2008. 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 and is expanding rapidly. 
 
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 |     3 months |     9 months |     9 months | 
|                               |        ended |        ended |        ended |        ended | 
|                               | December 31, | December 31, |    Deceember |    Deceember | 
|                               |         2008 |         2007 |          31, |          31, | 
|                               |              |              |         2008 |         2007 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Financial Services            |         23.4 |         23.6 |         74.9 |         62.4 | 
| Interest income               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Interest expense              |       (11.1) |        (8.8) |       (31.9) |       (23.4) | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Net interest income           |         12.3 |         14.8 |         43.0 |         39.0 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Provision for loan losses     |        (1.6) |        (2.1) |        (6.0) |        (5.4) | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Net non-interest income       |          1.0 |        (0.8) |          0.3 |        (1.0) | 
| (expense)                     |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Operating income - Financial  |         11.7 |         11.9 |         37.3 |         32.6 | 
| Services                      |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Corporate expenses            |        (1.9) |        (1.0) |        (4.5) |        (2.7) | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Total operating income        |          9.8 |         10.9 |         32.8 |         29.9 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Associates                    |          6.5 |          5.1 |         19.5 |         13.5 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Interest income               |           -- |          0.1 |           -- |          0.2 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Net income                    |         16.3 |         16.1 |         52.3 |         43.6 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Earnings per ordinary share:  |              |              |              |              | 
| Basic and diluted:            |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
| Net income                    |        $0.28 |        $0.27 |        $0.88 |        $0.74 | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|  Number of shares - basic and |        59.1m |        59.1m |        59.1m |        59.1m | 
|                       diluted |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
|                               |              |              |              |              | 
+-------------------------------+--------------+--------------+--------------+--------------+ 
 
 
 
 
BB Holdings Limited 
Financial Information 
Summarized Consolidated Balance Sheets (unaudited) 
 
 
+------------------------------------------+--------------------+------------------------+ 
|                                          |        December 31 |               March 31 | 
|                                          |               2008 |                   2008 | 
|                                          |                 $m |                     $m | 
+------------------------------------------+--------------------+------------------------+ 
| Assets                                   |                    |                        | 
| Financial Services assets                |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Cash, cash equivalents and due from      |               46.9 |                   43.9 | 
| banks                                    |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Interest-bearing deposits with           |               61.4 |                  127.1 | 
| correspondent banks                      |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Loans - net                              |              871.4 |                  761.1 | 
+------------------------------------------+--------------------+------------------------+ 
| Property, plant and equipment - net      |               16.7 |                   17.0 | 
+------------------------------------------+--------------------+------------------------+ 
| Government of Belize Securities          |                 -- |                    5.0 | 
+------------------------------------------+--------------------+------------------------+ 
| Other assets                             |               37.9 |                   33.8 | 
+------------------------------------------+--------------------+------------------------+ 
| Total financial services assets          |            1,034.3 |                  987.9 | 
+------------------------------------------+--------------------+------------------------+ 
| Corporate                                |                0.2 |                    0.2 | 
| Cash and cash equivalents                |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Other current assets                     |                1.0 |                    0.4 | 
+------------------------------------------+--------------------+------------------------+ 
| Property, plant and equipment - net      |                0.1 |                    0.1 | 
+------------------------------------------+--------------------+------------------------+ 
| Associates                               |               93.4 |                   79.2 | 
+------------------------------------------+--------------------+------------------------+ 
| Total assets                             |            1,129.0 |                1,067.8 | 
+------------------------------------------+--------------------+------------------------+ 
|                                          |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Liabilities and shareholders' equity     |                    |                        | 
| Financial Services liabilities           |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Deposits                                 |              605.1 |                  641.1 | 
+------------------------------------------+--------------------+------------------------+ 
| Short-term debt                          |               10.0 |                     -- | 
+------------------------------------------+--------------------+------------------------+ 
| Interest Payable                         |                8.4 |                    7.9 | 
+------------------------------------------+--------------------+------------------------+ 
| Other liabilities                        |               14.5 |                   10.7 | 
+------------------------------------------+--------------------+------------------------+ 
| Long-term debt (2013/2014)               |              144.3 |                  114.3 | 
+------------------------------------------+--------------------+------------------------+ 
| Total Financial Services liabilities     |              782.3 |                  774.0 | 
+------------------------------------------+--------------------+------------------------+ 
| Corporate                                |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Current liabilities                      |                4.8 |                    4.2 | 
+------------------------------------------+--------------------+------------------------+ 
| Long-term liabilities                    |                1.2 |                    1.2 | 
+------------------------------------------+--------------------+------------------------+ 
| Total liabilities                        |              788.3 |                  779.4 | 
+------------------------------------------+--------------------+------------------------+ 
| Total shareholders' equity               |              340.7 |                  288.4 | 
+------------------------------------------+--------------------+------------------------+ 
|                                          |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
| Total liabilities and shareholders'      |            1,129.0 |                1,067.8 | 
| equity                                   |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
|                                          |                    |                        | 
+------------------------------------------+--------------------+------------------------+ 
 
 
BB Holdings Limited 
Financial Information 
Summarized Consolidated Statement of Cash Flows (unaudited) 
 
 
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+ 
| 9 months ended December 31                        |           2008 |              2007 | 
|                                                   |             $m |                $m | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Cash flows from operating activities              |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Net income                                        |           52.3 |              43.6 | 
+---------------------------------------------------+----------------+-------------------+ 
| Adjustments to reconcile net income to net cash   |                |                   | 
| provided by operating activities:                 |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
|   Depreciation                                    |            1.1 |               0.9 | 
+---------------------------------------------------+----------------+-------------------+ 
|   Provision for loan losses                       |            6.0 |               5.4 | 
+---------------------------------------------------+----------------+-------------------+ 
|   Undistributed earnings of associates            |         (14.2) |             (9.9) | 
+---------------------------------------------------+----------------+-------------------+ 
|   Increase in interest payable                    |            0.5 |               1.2 | 
+---------------------------------------------------+----------------+-------------------+ 
|   Changes in assets and liabilities - net         |          (0.3) |             (0.8) | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Net cash provided by operating activities         |           45.4 |              40.4 | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Cash flows from investing activities              |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Purchase of property plant and equipment (net of  |          (0.8) |             (2.6) | 
| disposals)                                        |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Decrease (increase) in interest-bearing deposits  |           65.7 |            (25.0) | 
+---------------------------------------------------+----------------+-------------------+ 
| Decrease in Government securities                 |            5.0 |                -- | 
+---------------------------------------------------+----------------+-------------------+ 
| Increase in loans to customers                    |        (116.3) |           (213.3) | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Net cash utilized by investing activities         |         (46.4) |           (240.9) | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Cash flows from financing activities              |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Increase (decrease) in short-tem debt             |           10.0 |             (1.5) | 
+---------------------------------------------------+----------------+-------------------+ 
| (Decrease) increase in deposits                   |         (36.0) |             101.3 | 
+---------------------------------------------------+----------------+-------------------+ 
| Increase in long-term debt                        |           30.0 |             100.5 | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Net cash provided by financing activities         |            4.0 |             200.3 | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Net change in cash, cash equivalents and due from |            3.0 |             (0.2) | 
| banks                                             |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   |                   |                   |                   | 
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+ 
| Cash, cash equivalents and due from banks at      |           44.1 |              46.4 |                   |                   |                   | 
| beginning of year                                 |                |                   |                   |                   |                   | 
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
| Cash, cash equivalents and due from banks at end  |           47.1 |              46.2 | 
| of year                                           |                |                   | 
+---------------------------------------------------+----------------+-------------------+ 
|                                                   |                |                   | 
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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