CIHL.L Regulatory News (CIHL)

29 Oct 2007 12:03

BB Holdings Ltd29 October 2007 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007 Belize City, Belize, October 29, 2007 -- BB Holdings Limited (London - AIM:BBHL) ("BB Holdings") reported net income from continuing operations of $14.5m(2006 -- $11.0m) for the quarter ended September 30, 2007, the second quarter offiscal 2008. Diluted earnings per share from continuing operations for the quarter endedSeptember 30, 2007 was $0.25 (2006 -- $0.18). Net income and diluted earnings per share from continuing operations for the sixmonths ended September 30, 2007 amounted to $27.5m (2006 -- $21.0m) and $0.47(2006 -- $0.35), respectively. Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: "A combination of continuing growth and solid results in the Financial Servicesdivision together with an excellent performance from our associate Numar hascontributed to a 39 percent increase in earnings per share for the quarter". Financial Services reported a strong performance for the quarter ended September30, 2007 assisted by the injection of $50 million into the Turks and Caicosoperations during the first quarter. Financial Services operating income for thequarter, net of corporate interest on the $50 million loan notes, increased by15.7 percent to $10.3m (2006 -- $8.9m). The proceeds from the recently announcedsecond $50 million issue of loan notes will be injected into the Turks andCaicos operation in the third quarter. Operating income, net of corporate interest on the $50 million loan notes, forthe six months ended September 30, 2007 increased by 18.3 percent to $20.7m(2006 -- $17.5m). Over 50 percent of Financial Services net income is now earnedin US dollars. The Company's share of Numar's earnings increased by 86.7 percent to $8.4million for the six months ended September 30, 2007. Improved market prices ofcrude palm oil have remained at a high level with new investment in productioncapacity continuing to enhance sales and gross margin. Background Information The Financial Services division operates principally through the Belize Bank inBelize and the Turks and Caicos Islands. In Belize, the Bank is the largest,full service commercial and retail banking operation with a head office inBelize City and thirteen branches extending into each of the six districts ofBelize. The principal operations of the Bank are commercial lending, consumerlending, deposit-taking and related banking activities. In Turks and Caicos theBank is one of the largest commercial lenders and is expanding rapidly. The Company's associate, Numar, owns edible oil processing and distributionoperations and palm seed plantations principally in Costa Rica, where they aremarket leaders in edible oils, margarine, industrial oils and animal feed. For further information contact: Makinson Cowell BB Holdings+1 (212) 994 9044 UK +44 (0)20 7248 6700 Belize +501 227 7178 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, 2007 2006 2007 2006 Financial ServicesInterest income 20.4 16.6 38.8 31.0Interest expense (6.1) (5.3) (12.3) (9.9)Net non-interest expense (2.7) (2.4) (3.5) (3.6) Financial Services operating 11.6 8.9 23.0 17.5income Corporate expenses (0.8) (0.5) (1.7) (1.4)Associates 4.9 2.4 8.4 4.5Interest (expense) income (1.2) 0.2 (2.2) 0.4 Net income 14.5 11.0 27.5 21.0 Earnings per ordinary share:Basic and diluted:Net income $0.25 $0.18 $0.47 $0.35 Number of shares - basic 59.1m 60.1m 59.1m 60.1mNumber of shares - diluted 59.1m 60.4m 59.1m 60.4m BB Holdings Limited Financial Information Summarized Consolidated Balance Sheet (unaudited) September 30 March 31 2007 2007 $m $mAssetsFinancial ServicesCash, cash equivalents and due from banks 45.9 41.2Interest-bearing deposits with correspondent banks 59.0 94.0Loans - net 597.4 508.5Property, plant and equipment - net 16.5 14.8Other assets 34.6 39.7Total Financial Services assets 753.4 698.2Cash and cash equivalents 6.4 5.2Other current assets 1.3 0.6Property, plant and equipment - net 0.1 0.1Associates 68.6 63.6Total assets 829.8 767.7 Liabilities and shareholders' equityFinancial ServicesDeposits 494.3 504.8Short-term debt - 6.0Interest payable 9.2 7.1Other liabilities 4.9 6.3Long-term debt 12.5 12.5Total Financial Services liabilities 520.9 536.7Current liabilities 2.2 1.8Long-term liabilities 1.2 1.2Long-term debt 50.0 -Total liabilities 574.3 539.7Total shareholders' equity 255.5 228.0 Total liabilities and shareholders' equity 829.8 767.7 BB Holdings Limited Financial Information Summarized Consolidated Statements of Cash Flows (unaudited) For the six months ended September 30 2007 2006 $m $mCash flows from operating activitiesNet income 27.5 21.0Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 0.6 0.6Provision for loan losses 3.3 2.9Undistributed earnings of associates (5.0) (1.1)Increase in interest payable 2.1 1.1Changes in assets and liabilities - net 3.4 (14.2) Net cash provided by operating activities 31.9 10.3 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (2.3) (0.3)Decrease (increase) in interest-bearing deposits 35.0 (13.3)(Increase) in loans to customers (92.2) (75.5)Decrease in Government securities - 6.4 Net cash utilized by investing activities (59.5) (82.7) Cash flows from financing activities(Decrease) increase in deposits (10.5) 73.0Increase (decrease) in long-term debt 50.0 (2.5)(Decrease) increase in short-term debt (6.0) 1.0Net purchase of treasury shares - (3.4) Net cash provided by financing activities 33.5 68.1 Net change in cash, cash equivalents and due from banks 5.9 (4.3)Cash, cash equivalents and due from banks at beginning of period 46.4 49.2 Cash, cash equivalents and due from banks at end of period 52.3 44.9 This information is provided by RNS The company news service from the London Stock Exchange