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20 May 2009 14:47
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BB HOLDINGS LIMITED ANNOUNCESΒ PRELIMINARYΒ RESULTS FOR THEΒ
YEAR ENDEDΒ MARCHΒ 31,Β 2009
Belize City,Β Belize, MayΒ 20, 2009Β -- BB Holdings Limited (LondonΒ - AIM: BBHL) (the "Company") reported net incomeΒ of $10.1m (2008Β -- $16.8m) for the quarter endedΒ MarchΒ 31, 2009, theΒ fourthΒ quarter of fiscal 2009. Earnings per shareΒ for the quarter endedΒ MarchΒ 31, 2009Β was $0.17Β (2008Β -- $0.28).
For the year ended March 31, 2009Β the Company reported net income of $62.4m (2008 -- $60.4m) and earnings per share of $1.06Β (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 acceptableΒ performance in the economic environmentΒ that has prevailed throughout the period".Β
Β "DifficultΒ marketΒ conditions in the property markets, particularlyΒ in theΒ Turks and Caicos Islands,Β have caused non-performing loans to increaseΒ resultingΒ inΒ $16.4 million ofΒ interestΒ reversalΒ and loan provision chargesΒ on non-performing loansΒ in fiscalΒ 2009, $5.5Β millionΒ of which wasΒ chargedΒ in the fourth quarter."Β
"Our associate Numar contributed $23.1 million in the current year, 20.3Β percent ahead of 2008."Β
Background Information
The Financial Services division operates principally through the Belize BankΒ inΒ BelizeΒ and British Caribbean Bank in theΒ Turks and Caicos Islands.Β InΒ Belize, the BankΒ is the largest, full service commercial and retail banking operationΒ with a head office inΒ Belize CityΒ and thirteenΒ branches extending into each of theΒ six districtsΒ ofΒ Belize. The principal operations of theΒ Bank are commercial lending, consumer lending, deposit-taking and related banking activities.Β In Turks and Caicos the Bank is one of the largest commercial lenders and is expanding rapidly.
The Company's associate,Β Numar,Β owns edible oil processing and distribution operations and palm seed plantations principally inΒ Costa Rica, where they are market leaders in edible oils, margarine, industrial oils and animal feed.
For further information contact:
BB Holdings Limited Makinson Cowell
BelizeΒ +501 227 7178 1 (212) 994 9044
UKΒ +44 (0)20 7248 6700
Note: This and other press releases are available at the Company's web site:Β http://www.bbholdingslimited.com
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
|
Β
|
3 months ended
March 31,
2009
|
3 months ended
March 31,
2008
|
Year ended
March 31,
2009
|
Year ended
March 31,
2008
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Financial Services
Interest income
|
Β
19.8
|
Β
26.4
|
Β
94.7
|
Β
88.8
|
|
Interest expense
|
(11.3)
|
(9.7)
|
(43.2)
|
(33.1)
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
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)
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Operating income β Financial Services
|
8.3
|
13.4
|
45.6
|
46.0
|
|
Corporate expenses
|
(1.8)
|
(2.4)
|
(6.3)
|
(5.1)
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
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
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Net income
|
10.1
|
16.8
|
62.4
|
60.4
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Earnings per ordinary share:
Basic and diluted:
|
Β
|
Β
|
Β
|
Β
|
|
Net income
|
$0.17
|
$0.28
|
$1.06
|
$1.02
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Number of shares β basic and diluted
|
58.9m
|
59.1m
|
59.0m
|
59.1m
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
Summarized Consolidated Balance SheetsΒ (unaudited)
|
Β
|
March 31
2009
$m
|
March 31
2008
$m
|
|
Assets
Financial Services assets
|
Β
|
Β
|
|
Cash, cash equivalents and due from banks
|
47.5
|
43.9
|
|
Interest-bearing deposits with correspondent banks
|
84.5
|
127.1
|
|
Loans β net
|
876.5
|
761.1
|
|
Property, plant and equipment β 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
|
Β
0.2
|
Β
0.2
|
|
Other current assets
|
0.5
|
0.4
|
|
Property, plant and equipment β net
|
0.1
|
0.1
|
|
Associates
|
97.0
|
79.2
|
|
Total assets
|
1,170.3
|
1,067.8
|
|
Β
|
Β
|
Β
|
|
Liabilities and shareholdersβ equity
Financial Services liabilities
|
Β
|
Β
|
|
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
|
Β
|
Β
|
|
Current liabilities
|
5.0
|
4.2
|
|
Long-term liabilities
|
1.2
|
1.2
|
|
Total liabilities
|
820.3
|
779.4
|
|
Total shareholdersβ equity
|
350.0
|
288.4
|
|
Β
|
Β
|
Β
|
|
Total liabilities and shareholdersβ equity
|
1,170.3
|
1,067.8
|
|
Β
|
Β
|
Β
|
Summarized Consolidated StatementΒ of Cash Flows (unaudited)
|
For the year ended March 31
|
2009
$m
|
2008
$m
|
|
Β
|
Β
|
Β
|
|
Cash flows from operating activities
|
Β
|
Β
|
|
Net income
|
62.4
|
60.4
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
Β
|
Β
|
|
Β Depreciation
|
1.5
|
1.2
|
|
Β Provision for loan losses
|
7.0
|
8.3
|
|
Β Undistributed earnings of associates
|
(17.8)
|
(15.6)
|
|
Β Increase in interest payable
|
1.0
|
0.8
|
|
Β Changes in assets and liabilities β net
|
(11.5)
|
7.9
|
|
Β
|
Β
|
Β
|
|
Net cash provided by operating activities
|
42.6
|
63.0
|
|
Β
|
Β
|
Β
|
|
Cash flows from investing activities
|
Β
|
Β
|
|
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)
|
|
Β
|
Β
|
Β
|
|
Net cash utilized by investing activities
|
(76.4)
|
(297.4)
|
|
Β
|
Β
|
Β
|
|
Cash flows from financing activities
|
Β
|
Β
|
|
Decrease in short-term debt
|
--
|
(6.0)
|
|
Increase in deposits
|
5.8
|
136.3
|
|
Increase in long-term debt
Purchase of treasury shares
|
32.4
(0.8)
|
101.8
--
|
|
Β
|
Β
|
Β
|
|
Net cash provided by financing activities
|
37.4
|
232.1
|
|
Β
|
Β
|
Β
|
|
Net change in cash, cash equivalents and due from banks
|
3.6
|
(2.3)
|
|
Β
|
Β
|
Β
|
|
Cash, cash equivalents and due from banks at beginning of year
|
44.1
|
46.4
|
|
Β
|
Β
|
Β
|
|
Cash, cash equivalents and due from banks at end of year
|
47.7
|
44.1
|
|
Β
|
Β
|
Β
|
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