30 Jan 2009 07:00
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 December 31, 2008 | 3 months ended December 31, 2007 | 9 months ended Deceember 31, 2008 | 9 months ended Deceember 31, 2007 | |
| Financial Services Interest income | 23.4 | 23.6 | 74.9 | 62.4 |
| 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 (expense) | 1.0 | (0.8) | 0.3 | (1.0) |
| Operating income - Financial Services | 11.7 | 11.9 | 37.3 | 32.6 |
| 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 diluted | 59.1m | 59.1m | 59.1m | 59.1m |
BB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
| December 31 2008 $m | March 31 2008 $m | |
| Assets Financial Services assets | ||
| Cash, cash equivalents and due from banks | 46.9 | 43.9 |
| Interest-bearing deposits with correspondent banks | 61.4 | 127.1 |
| 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 Cash and cash equivalents | 0.2 | 0.2 |
| 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' equity | 1,129.0 | 1,067.8 |
BB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
| 9 months ended December 31 | 2008 $m | 2007 $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 disposals) | (0.8) | (2.6) | |||
| 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 banks | 3.0 | (0.2) | |||
| 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 | 47.1 | 46.2 | |||