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29 Sep 2016 07:00
This announcement contains inside information.
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES FINAL RESULTS AND POSTING OF ANNUAL REPORT AND ACCOUNTS
Belize City, Belize, September 29, 2016 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL") announces its final results for the year ended 31 March 2016 and confirms that the annual report and accounts are now available to view on the Company's website, www.cihltd.co and are today being posted to shareholders.
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)207 248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)20 739 8920
Note: This and other press releases are available at the Company's web site: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited (CIHL) is a parent holding company with no independent business operations or assets other than its investments in its subsidiaries, intercompany balances and holdings of cash and cash equivalents. CIHL's businesses are conducted through its subsidiaries. The Belize Bank Limited (BBL) is incorporated and based in Belize and focuses on the provision of financial services and lending to domestic clients. Belize Bank International Limited is incorporated and based in Belize and focuses on the provision of financial services and lending to international clients. CIHL also owns an international corporate services business based in Belize, which operates as Belize Corporate Services Limited. Within Belize, BBL is the largest, full service commercial and retail banking operation with a head office in Belize City and eleven branches extended into each of the six districts of Belize. The principal operations of BBL are commercial lending, consumer lending, deposit taking and related banking activities.
Caribbean Investment Holdings Limited | |||||
Financial Information | |||||
Consolidated statements of comprehensive income (in US dollars) | |||||
2016 | 2015 | ||||
Year ended March 31 | $m | $m | |||
Financial Services | |||||
Interest income | 37.6 | 40.4 | |||
Interest expense | (7.9) | (8.7) | |||
Net interest income | 29.7 | 31.7 | |||
Allowance for loan losses | (18.5) | (17.8) | |||
11.2 | 13.9 | ||||
Non-interest income | 13.2 | 16.0 | |||
Non-interest expense | (20.2) | (24.4) | |||
Operating loss before non-recurring loss | 4.2 | 5.5 | |||
Non-recurring net income (loss) | 1.8 | (14.5) | |||
Operating income (loss) - Financial Services | 6.0 | (9.0) | |||
Corporate | |||||
Corporate Income | 1.1 | 1.2 | |||
Corporate expenses | (3.9) | (4.8) | |||
Operating loss - Corporate | (2.8) | (3.6) | |||
Net income (loss) before tax | 3.2 | (12.6) | |||
Taxation | (2.6) | (4.6) | |||
Net income (loss) after tax and before other comprehensive income | 0.6 | (17.2) | |||
Other comprehensive income: | |||||
Unrealized (losses) gains on securities | (0.6) | 0.6 | |||
Total comprehensive income (loss) | 0.0 | (16.6) | |||
Earnings (loss) per ordinary share (basic and diluted) | $ 0.01 | $ (0.17) | |||
Consolidated balance sheets (in US dollars) | ||||
2016 | 2015 | |||
At March 31 | $m | $m | ||
Assets | ||||
Financial Services | ||||
Cash, cash equivalents and due from banks | 172.1 | 183.6 | ||
Interest-bearing deposits | 15.0 | 55.9 | ||
Investment securities | 11.8 | 46.2 | ||
Loans - net | 288.7 | 320.5 | ||
Property, plant and equipment - net | 16.3 | 16.4 | ||
Government of Belize receivable | 25.2 | 18.0 | ||
Other assets | 17.5 | 8.2 | ||
Total Financial Services assets | 546.6 | 648.8 | ||
Corporate | ||||
Cash and cash equivalents | 4.9 | - | ||
Property, plant and equipment - net | - | 0.1 | ||
Other current assets | 0.4 | 6.1 | ||
Total assets | 551.9 | 655.0 | ||
Liabilities and shareholders' equity | ||||
Financial Services | ||||
Deposits | 475.5 | 577.3 | ||
Interest payable | 3.8 | 3.7 | ||
Provisions | 0.4 | - | ||
Other liabilities | 6.4 | 8.2 | ||
Total Financial Services liabilities | 486.1 | 589.2 | ||
Corporate | ||||
Current liabilities | 8.1 | 8.1 | ||
Total liabilities | 494.2 | 597.3 | ||
Shareholders' equity: | ||||
Share capital (ordinary shares of no par value - | ||||
2016 and 2015 -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 | 26.0 | ||
Total shareholders' equity | 57.7 | 57.7 | ||
Total liabilities and shareholders' equity | 551.9 | 655.0 | ||
Consolidated statements of cash flows (in US dollars) | |||
2016 | 2015 | ||
Year ended March 31 | $m | $m | |
Cash flows from operating activities | |||
Net income (loss) from operations | 0.6 | (17.2) | |
Adjustments to reconcile net income (loss) to net cash | |||
provided by operating activities: | |||
Depreciation | 1.7 | 2.2 | |
Allowance for loan losses | 18.5 | 17.8 | |
Changes in assets and liabilities: | |||
Decrease in interest payable | 0.1 | (0.6) | |
(Increase) decrease in Government of Belize Receivable | (7.2) | 6.6 | |
(Increase) decrease in other and current assets | (3.6) | 21.2 | |
(Decrease) in other and current liabilities | (1.4) | (1.8) | |
Net cash provided by operating activities | 8.7 | 28.2 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment (net of disposals) | (1.5) | (1.4) | |
Decrease (increase) in interest-bearing deposits with correspondent banks | 40.9 | (1.6) | |
Decrease (increase) in investment securities | 34.4 | (8.9) | |
Decrease in Government of Belize securities | - | 20.0 | |
Decrease (increase) in loans (net of charge-offs) to customers | 13.3 | (12.1) | |
Net cash provided (utilized) by investing activities | 87.1 | (4.0) | |
Cash flows from financing activities | |||
(Decrease) in deposits | (101.8) | (15.7) | |
Unrealized gains on securities | (0.6) | 0.6 | |
Net cash (utilized) provided by financing activities | (102.4) | (15.1) | |
Net change in cash, cash equivalents and due from banks | (6.6) | 9.1 | |
Cash, cash equivalents and due from banks at beginning of year | 183.6 | 174.5 | |
Cash, cash equivalents and due from banks at end of year | 177.0 | 183.6 | |
Cash - financial services | 172.1 | 183.6 | |
Cash - corporate | 4.9 | - | |
177.0 | 183.6 |
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