CIHL.L Regulatory News (CIHL)

25 Jan 2008 16:22

BB Holdings Ltd25 January 2008 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2007 Belize City, Belize, January 25, 2008 -- BB Holdings Limited (London - AIM:BBHL) ("BB Holdings") reported net income of $16.1m (2006 -- $11.9m) for thequarter ended December 31, 2007, the third quarter of fiscal 2008. Diluted earnings per share for the quarter ended December 31, 2007 was $0.27(2006 -- $0.20). Net income and diluted earnings per share for the nine months ended December 31,2007 amounted to $43.6m (2006 -- $32.9m) and $0.74 (2006 -- $0.55),respectively. Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: "Financial Services continues to show strong growth. The injection this year of$100 million of new funds into the Turks and Caicos operations has furtherincreased the Division's US dollar earnings." "With Numar contributing an impressive $5.1 million in the current quarter,earnings per share increased 35 percent over last year." Financial Services reported one of its best quarters ever for the quarter endedDecember 31, 2007. Operating income for the quarter, net of corporate intereston the $100 million loan notes, increased by 11.2 percent to $11.9m (2006 --$10.7m). Operating income, net of corporate interest on the $100 million loan notes, forthe nine months ended December 31, 2007 increased by 15.6 percent to $32.6m(2006 -- $28.2m). Over 60 percent of Financial Services net income is now earnedin US dollars. The Company's share of Numar's earnings increased by 92.9 percent to $13.5million for the nine months ended December 31, 2007. Market prices of crude palmoil have remained at a high level with new investment in production capacitycontinuing 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 LimitedFinancial InformationSummarized Consolidated Statements of Income (unaudited)US dollars in millions except per share data 3 months ended 3 months ended 9 months ended 9 months ended December 31, December 31, December 31, December 31, 2007 2006 2007 2006 Financial ServicesInterest income 23.6 17.2 62.4 48.2Interest expense (7.0) (5.6) (19.3) (15.5)Net non-interest expense (2.9) (0.9) (6.4) (4.5) Financial Services operating 13.7 10.7 36.7 28.2income Corporate expenses (1.0) (1.4) (2.7) (2.8)Associates 5.1 2.5 13.5 7.0Interest (expense) income (1.7) 0.1 (3.9) 0.5 Net income 16.1 11.9 43.6 32.9 Earnings per ordinary share:Basic and diluted:Net income $0.27 $0.20 $0.74 $0.55 Number of shares - basic 59.1m 59.7m 59.1m 59.7mNumber of shares - diluted 59.1m 59.7m 59.1m 59.7m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheet (unaudited) December 31 March 31 2007 2007 $m $mAssetsFinancial ServicesCash, cash equivalents and due from banks 41.3 41.2Interest-bearing deposits with correspondent banks 119.0 94.0Loans - net 716.4 508.5Property, plant and equipment - net 16.5 14.8Other assets 41.1 39.7Total Financial Services assets 934.3 698.2Cash and cash equivalents 4.9 5.2Other current assets 2.5 0.6Property, plant and equipment - net 0.1 0.1Associates 73.5 63.6Total assets 1,015.3 767.7 Liabilities and shareholders' equityFinancial ServicesDeposits 606.1 504.8Short-term debt 4.5 6.0Interest payable 8.8 7.1Other liabilities 8.5 6.3Long-term debt 12.5 12.5Total Financial Services liabilities 640.4 536.7Current liabilities 2.1 1.8Long-term liabilities 1.2 1.2Long-term debt 100.0 -Total liabilities 743.7 539.7Total shareholders' equity 271.6 228.0 Total liabilities and shareholders' equity 1,015.3 767.7 BB Holdings LimitedFinancial InformationSummarized Consolidated Statements of Cash Flows (unaudited) For the nine months ended December 31 2007 2006 $m $mCash flows from operating activitiesNet income 43.6 32.9Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 0.9 0.8Provision for loan losses 5.4 3.7Undistributed earnings of associates (9.9) (3.7)Increase in interest payable 1.7 1.3Changes in assets and liabilities - net (0.8) (9.3) Net cash provided by operating activities 40.9 25.7 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (2.6) (2.9)(Increase) in interest-bearing deposits (25.0) (2.6)(Increase) in loans to customers (213.3) (104.9)Decrease in Government securities - 8.5 Net cash utilized by investing activities (240.9) (101.9) Cash flows from financing activitiesIncrease in deposits 101.3 77.1Increase (decrease) in long-term debt 100.0 (2.5)(Decrease) increase in short-term debt (1.5) 1.5Net purchase of treasury shares - (3.4) Net cash provided by financing activities 199.8 72.7 Net change in cash, cash equivalents and due from banks (0.2) (3.5)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 46.2 45.7 This information is provided by RNS The company news service from the London Stock Exchange