30 Sep 2015 13:07
BCB Holdings Limited announces posting of annual report and accounts
Belize City, Belize, September 30, 2015 -- BCB Holdings Limited (London - AIM: BCB; Bermuda - BBHL) (the "Company") announces that the annual report and accounts for the year ended 31 March 2015 are now available to view on the Company's website, www.bcbholdings.com and are today being posted to shareholders.
BCB Holdings
UK +44 (0)20 7248 6700
Belize +501 227 7178
Cenkos Securities (Nominated Adviser)
Nicholas Wells +44 (0)20 7397 8900
Note: This and other press releases are available at the Company's web site: http://www.bcbholdings.com
BCB Holdings Limited
Financial Information
Consolidated statements of comprehensive loss (in US dollars)
Year ended March 31 | 2015 $m | 2014 $m |
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Financial Services | ||
Interest income | 40.4 | 41.3 |
Interest expense | (8.7) | (10.7) |
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Net interest income | 31.7 | 30.6 |
Provision for loan losses | (17.8) | (19.8) |
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13.9 | 10.8 | |
Non-interest income | 16.0 | 16.3 |
Non-interest expense | (24.4) | (22.6) |
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Operating loss before non-recurring loss | 5.5 | 4.5 |
Non-recurring net loss | (14.5) | (6.8) |
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Operating loss - Financial Services | (9.0) | (2.3) |
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Corporate | ||
Corporate income | 1.2 | 1.3 |
Corporate expenses | (4.8) | (6.0) |
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Operating loss - Corporate | (3.6) | (4.7) |
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Net loss before tax | (12.6) | (7.0) |
Taxation | (4.6) | (5.0) |
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Net loss after tax and before other comprehensive income | (17.2) | (12.0) |
Other comprehensive income: | ||
Unrealized gains on securities | 0.6 | 0.3 |
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Comprehensive loss | (16.6) | (11.7) |
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Loss per ordinary share (basic and diluted) | $(0.17) | $(0.12) |
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Consolidated balance sheets (in US dollars)
At March 31 | 2015 $m | 2014 $m |
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Assets | ||
Financial Services | ||
Cash, cash equivalents and due from banks | 183.6 | 170.5 |
Interest-bearing deposits with correspondent banks | 55.9 | 54.3 |
Investment securities | 46.2 | 37.3 |
Government of Belize securities | - | 20.0 |
Loans - net | 320.5 | 326.2 |
Property, plant and equipment - net | 16.4 | 17.2 |
Government of Belize receivable | 18.0 | 24.6 |
Other assets | 8.2 | 31.2 |
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Total Financial Services assets | 648.8 | 681.3 |
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Corporate | ||
Cash and cash equivalents | - | 4.0 |
Property, plant and equipment - net | 0.1 | 0.1 |
Other current assets | 6.1 | 3.8 |
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Total assets | 655.0 | 689.2 |
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Liabilities and shareholders' equity | ||
Financial Services | ||
Deposits | 577.3 | 593.1 |
Interest payable | 3.7 | 4.3 |
Other liabilities | 8.2 | 8.5 |
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Total Financial Services liabilities | 589.2 | 605.9 |
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Corporate | ||
Current liabilities | 8.1 | 9.0 |
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Total liabilities | 597.3 | 614.9 |
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Shareholders' equity: | ||
Share capital (ordinary shares of no par value - 2015 and 2014 -103,642,984) | 0.6 | 0.6 |
Additional paid-in capital | 52.8 | 52.8 |
Treasury shares | (21.7) | (21.7) |
Retained earnings | 26.0 | 42.6 |
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Total shareholders' equity | 57.7 | 74.3 |
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Total liabilities and shareholders' equity | 655.0 | 689.2 |
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Consolidated statements of cash flows (in US dollars)
Year ended March 31 | 2015 $m | 2014 $m |
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Cash flows from operating activities | ||
Net loss from operations | (17.2) | (12.0) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 2.2 | 1.7 |
Provision for loan losses | 17.8 | 19.8 |
Changes in assets and liabilities: | ||
Decrease in interest payable | (0.6) | (0.8) |
Decrease (increase) in Government of Belize receivable | 6.6 | (3.7) |
Decrease in other and current assets | 20.7 | 5.2 |
Decrease in other and current liabilities | (1.2) | (1.1) |
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Net cash provided by operating activities | 28.3 | 9.1 |
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Cash flows from investing activities | ||
Purchase of property, plant and equipment (net of disposals) | (1.4) | (3.1) |
Increase in interest-bearing deposits with correspondent banks | (1.6) | (36.7) |
(Increase) decrease in investment securities | (8.9) | 44.5 |
Decrease in Government of Belize securities | 20.0 | 11.0 |
(Increase) decrease in loans (net of charge-offs) to customers | (12.1) | 4.7 |
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Net cash (utilized) provided by investing activities | (4.0) | 20.4 |
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Cash flows from financing activities | ||
(Decrease) increase in deposits | (15.8) | 12.2 |
Unrealized gains on securities | 0.6 | 0.3 |
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Net cash (utilized) provided by financing activities | (15.2) | 12.5 |
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Net change in cash, cash equivalents and due from banks | 9.1 | 42.0 |
Cash, cash equivalents and due from banks at beginning of year | 174.5 | 132.5 |
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Cash, cash equivalents and due from banks at end of year | 183.6 | 174.5 |
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Cash - financial services | 183.6 | 170.5 |
Cash - corporate | - | 4.0 |
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183.6 | 174.5 | |
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