Final Results

 

TIDMBBHL 
 
RNS Number : 5871S 
BB Holdings Ltd 
20 May 2009 
 

BB HOLDINGS LIMITED ANNOUNCES PRELIMINARY RESULTS FOR THE 
YEAR ENDED MARCH 31, 2009 
 
 
Belize City, Belize, May 20, 2009 -- BB Holdings Limited (London - AIM: BBHL) 
(the "Company") reported net income of $10.1m (2008 -- $16.8m) for the quarter 
ended March 31, 2009, the fourth quarter of fiscal 2009. Earnings per share for 
the quarter ended March 31, 2009 was $0.17 (2008 -- $0.28). 
 
 
For the year ended March 31, 2009 the Company reported net income of $62.4m 
(2008 -- $60.4m) and earnings per share of $1.06 (2008 -- $1.02). 
 
 
Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: 
 
 
"The Financial Services division produced operating income of $45.6 million in 
the current year, a flat result compared with 2008 but nevertheless an 
acceptable performance in the economic environment that has prevailed throughout 
the period". 
 
 
 "Difficult market conditions in the property markets, particularly in the Turks 
and Caicos Islands, have caused non-performing loans to increase resulting in 
$16.4 million of interest reversal and loan provision charges on non-performing 
loans in fiscal 2009, $5.5 million of which was charged in the fourth quarter." 
 
 
"Our associate Numar contributed $23.1 million in the current year, 20.3 percent 
ahead of 2008." 
 
 
Background Information 
 
 
The Financial Services division operates principally through the Belize Bank in 
Belize and British Caribbean Bank in 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 LimitedMakinson Cowell 
Belize [phone] [phone] 
UK [phone] 
 
 
Note: This and other press releases are available at the Company's web site: 
 
http://www.bbholdingslimited.com 
 
 
 
 
Summarized Consolidated Statements of Income (unaudited) 
US dollars in millions except per share data 
 
 
 
 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |   3 months ended |   3 months ended |       Year ended |       Year ended | 
|                                         |        March 31, |        March 31, |        March 31, |        March 31, | 
|                                         |             2009 |             2008 |             2009 |             2008 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Financial Services                      |                  |                  |                  |                  | 
| Interest income                         |             19.8 |             26.4 |             94.7 |             88.8 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Interest expense                        |           (11.3) |            (9.7) |           (43.2) |           (33.1) | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Net interest income                     |              8.5 |             16.7 |             51.5 |             55.7 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Provision for loan losses               |            (1.0) |            (2.9) |            (7.0) |            (8.3) | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Net non-interest income (expense)       |              0.8 |            (0.4) |              1.1 |            (1.4) | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Operating income - Financial Services   |              8.3 |             13.4 |             45.6 |             46.0 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Corporate expenses                      |            (1.8) |            (2.4) |            (6.3) |            (5.1) | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Total operating income                  |              6.5 |             11.0 |             39.3 |             40.9 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Associates                              |              3.6 |              5.7 |             23.1 |             19.2 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Interest income                         |               -- |              0.1 |               -- |              0.3 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Net income                              |             10.1 |             16.8 |             62.4 |             60.4 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Earnings per ordinary share:            |                  |                  |                  |                  | 
| Basic and diluted:                      |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Net income                              |            $0.17 |            $0.28 |            $1.06 |            $1.02 | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
| Number of shares - basic and diluted    |            58.9m |            59.1m |            59.0m |            59.1m | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
|                                         |                  |                  |                  |                  | 
+-----------------------------------------+------------------+------------------+------------------+------------------+ 
 
 
Summarized Consolidated Balance Sheets (unaudited) 
 
 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
|                                                        |                 March 31 |                       March 31 | 
|                                                        |                     2009 |                           2008 | 
|                                                        |                       $m |                             $m | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Assets                                                 |                          |                                | 
| Financial Services assets                              |                          |                                | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Cash, cash equivalents and due from banks              |                     47.5 |                           43.9 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Interest-bearing deposits with correspondent banks     |                     84.5 |                          127.1 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Loans - net                                            |                    876.5 |                          761.1 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Property, plant and equipment - net                    |                     16.8 |                           17.0 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Government of Belize Securities                        |                      0.3 |                            5.0 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Other assets                                           |                     46.9 |                           33.8 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Total financial services assets                        |                  1,072.5 |                          987.9 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Corporate                                              |                          |                                | 
| Cash and cash equivalents                              |                      0.2 |                            0.2 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Other current assets                                   |                      0.5 |                            0.4 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Property, plant and equipment - net                    |                      0.1 |                            0.1 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Associates                                             |                     97.0 |                           79.2 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Total assets                                           |                  1,170.3 |                        1,067.8 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
|                                                        |                          |                                | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Liabilities and shareholders' equity                   |                          |                                | 
| Financial Services liabilities                         |                          |                                | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Deposits                                               |                    646.9 |                          641.1 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Interest payable                                       |                      8.9 |                            7.9 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Other liabilities                                      |                     11.6 |                           10.7 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Long-term debt (2013/2014)                             |                    146.7 |                          114.3 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Total Financial Services liabilities                   |                    814.1 |                          774.0 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Corporate                                              |                          |                                | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Current liabilities                                    |                      5.0 |                            4.2 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Long-term liabilities                                  |                      1.2 |                            1.2 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Total liabilities                                      |                    820.3 |                          779.4 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Total shareholders' equity                             |                    350.0 |                          288.4 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
|                                                        |                          |                                | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
| Total liabilities and shareholders' equity             |                  1,170.3 |                        1,067.8 | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
|                                                        |                          |                                | 
+--------------------------------------------------------+--------------------------+--------------------------------+ 
 
 
Summarized Consolidated Statement of Cash Flows (unaudited) 
 
 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| For the year ended March 31                                        |                 2009 |                    2008 | 
|                                                                    |                   $m |                      $m | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Cash flows from operating activities                               |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Net income                                                         |                 62.4 |                    60.4 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Adjustments to reconcile net income to net cash provided by        |                      |                         | 
| operating activities:                                              |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|  Depreciation                                                      |                  1.5 |                     1.2 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|  Provision for loan losses                                         |                  7.0 |                     8.3 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|  Undistributed earnings of associates                              |               (17.8) |                  (15.6) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|  Increase in interest payable                                      |                  1.0 |                     0.8 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|  Changes in assets and liabilities - net                           |               (11.5) |                     7.9 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Net cash provided by operating activities                          |                 42.6 |                    63.0 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Cash flows from investing activities                               |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Purchase of property plant and equipment (net of disposals)        |                (1.3) |                   (3.4) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Decrease (increase) in interest-bearing deposits                   |                 42.6 |                  (33.1) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Decrease in Government securities                                  |                  4.7 |                      -- | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Increase in loans to customers                                     |              (122.4) |                 (260.9) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Net cash utilized by investing activities                          |               (76.4) |                 (297.4) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Cash flows from financing activities                               |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Decrease in short-term debt                                        |                   -- |                   (6.0) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Increase in deposits                                               |                  5.8 |                   136.3 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Increase in long-term debt                                         |                 32.4 |                   101.8 | 
| Purchase of treasury shares                                        |                (0.8) |                      -- | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Net cash provided by financing activities                          |                 37.4 |                   232.1 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Net change in cash, cash equivalents and due from banks            |                  3.6 |                   (2.3) | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Cash, cash equivalents and due from banks at beginning of year     |                 44.1 |                    46.4 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
| Cash, cash equivalents and due from banks at end of year           |                 47.7 |                    44.1 | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
|                                                                    |                      |                         | 
+--------------------------------------------------------------------+----------------------+-------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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