CIHL.L Regulatory News (CIHL)

12 May 2006 16:00

BB Holdings Ltd12 May 2006 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE YEAR ENDED MARCH 31, 2006 Belize City, Belize, May 12, 2006 -- BB Holdings Limited (London: BBHL) ("BBHoldings") reported net income from continuing operations of $10.7m (2005 --$8.5m) for the quarter ended March 31, 2006, the fourth quarter of fiscal 2006.Diluted earnings per share from continuing operations for the quarter endedMarch 31, 2006 was $0.18 (2005 -- $0.14). For the year ended March 31, 2006, income from continuing operations was $35.8m(2005 -- $32.6m). Diluted earnings per share from continuing operations for theyear ended March 31, 2006 was $0.59 (2005 -- $0.54). Commenting on corporate performance, Chairman, Lord Ashcroft, KCMG, said: "The demerger of the US Facilities Services business was completed during thefourth quarter thereby concluding the separation of the BB Holdings group intothree distinctive listed companies with their own identities. Carlisle Group Limited and OneSource Services Inc. both trade on the AlternativeInvestment Market (London) under the ticker symbols CXG and OSS, respectively. Management of BB Holdings is clearly focused on the development of its FinancialServices business within Belize and Turks and Caicos and it will also now go onto review opportunities in other parts of the Caribbean and Central America. Fourth quarter corporate costs included one-time legal and professional chargesamounting to $1.0m relating to the demerger of OneSource Services Inc. Operational Review - Financial Services Financial Services reported a strong performance for the quarter ended March 31,2006. Operating income for the quarter increased by 20.0 per cent to $10.2m(2005 -- $8.5m). Net interest income for the quarter increased by 19.3 per centto $9.9m (2005 - $8.3m). For the year ended March 31, 2006, operating income increased by 10.4 per centto $34.1m (2005 -- $30.9m). Net interest income for the year increased by 12.8per cent to $37.0m (2005 - $32.8m) driven principally by a $49.0m (14.5 percent) increase in the loan portfolio. For the year ended March 31, 2006 totalfinancial services assets increased by $54.1m to $515.4m. Associate - Numar Numar owns edible oil processing and distribution operations and palm seedplantations principally in Costa Rica, where they are market leaders in edibleoils, margarine, industrial oils and animal feed. Numar has continued to investin new plantation development and now controls over 65,000 acres of Africanpalm plantations principally in Southeast Costa Rica. The results of Numar havebenefited from both the increased production and a gradual stabilization inworld oil prices over the last two years. Forward Looking Statements Certain statements in this press release constitute "forward looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995. Inparticular, statements contained herein regarding the consummation and benefitsof future acquisitions, as well as expectations with respect to future revenues,operating efficiencies, net income and business expansion, are subject to knownand unknown risks, uncertainties and contingencies, many of which are beyond thecontrol of BB Holdings, which may cause actual results, performance orachievements to differ materially from anticipated results, performance orachievements. Factors that might affect such forward looking statements includeamong others, overall economic and business conditions, the demand for BBHoldings' services, competitive factors, regulatory approvals and theuncertainty of consummation of future acquisitions. Additional factors whichmay affect BB Holdings' businesses and performance are set forth in submissionsby BB Holdings Limited with the United States Securities and ExchangeCommission, (the SEC), which are available without charge from the SEC atwww.sec.gov. 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 12 months ended 12 months ended March 31, March 31, March 31, March 31, 2006 2005 2006 2005 Financial ServicesInterest income 14.0 11.9 52.6 48.0Interest expense (4.1) (3.6) (15.6) (15.2)Net non-interest income (expense) 0.3 0.2 (2.9) (1.9) Financial Services operating income 10.2 8.5 34.1 30.9 Corporate expenses (1.6) (1.7) (6.0) (3.6)Associates 1.6 1.7 7.4 5.3Interest income 0.2 - 0.3 - Income before income taxes 10.4 8.5 35.8 32.6Income taxes 0.3 - - - Income from continuing operations 10.7 8.5 35.8 32.6Income from discontinued operations 0.9 (5.9) 5.5 1.4 Net income 11.6 2.6 41.3 34.0 Earnings per ordinary share:Basic:Continuing operations $0.18 $0.14 $0.60 $0.54Discontinued operations $0.01 ($0.10) $0.09 $0.02Net income $0.19 $0.04 $0.69 $0.56 Diluted:Continuing operations $0.18 $0.14 $0.59 $0.54Discontinued operations $0.01 ($0.10) $0.09 $0.02Net income $0.19 $0.04 $0.68 $0.56 Number of shares - basic 60.2m 60.2m 60.2m 60.3mNumber of shares - diluted 60.7m 60.7m 60.7m 60.8m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheet (unaudited) At March 31 2006 2005 $m $m AssetsFinancial Services assetsCash, cash equivalents and due from banks 30.6 26.9Interest-bearing deposits with correspondent banks 53.6 55.8Loans - net 386.6 337.6Other assets 44.6 41.0 Total financial services assets 515.4 461.3 Cash and cash equivalents 18.6 3.1Other current assets 0.4 0.6Associates and other long-term assets 57.5 52.8Service businesses assetsCurrent assets - 215.8Goodwill - net - 400.4Other long-term assets - 65.3Total service businesses assets - 681.5Total assets 591.9 1,199.3 Liabilities and shareholders' equityFinancial Services liabilitiesDeposits 375.5 341.4Other liabilities 12.1 8.3Long-term debt 15.0 15.0Total financial services liabilities 402.6 364.7Current liabilities 2.0 2.0Long-term liabilities 1.2 1.3Service businesses liabilitiesCurrent liabilities - 191.3Long-term liabilities - 64.6 Total service businesses liabilities - 255.9Total liabilities 405.8 623.9Total shareholders' equity 186.1 575.4 Total liabilities and shareholders' equity 591.9 1,199.3 BB Holdings LimitedFinancial InformationSummarized Consolidated Statements of Cash Flows (unaudited) Year ended March 31 2006 2005 $m $m Cash flows from operating activitiesNet income 41.3 34.0Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 7.1 12.0 Undistributed earnings of associates (4.5) (5.3) Other - net 1.9 4.1Changes in assets and liabilities - net (24.8) (9.4) Net cash provided by operating activities 21.0 35.4 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (7.0) (11.8)Decrease (increase) in interest-bearing deposits 2.2 (15.8)Increase in loans to customers (49.4) (33.5)Other - net 12.3 (9.9) Net cash utilized by investing activities (41.9) (71.0) Cash flows from financing activitiesNet (repayment) proceeds of short-term and long-term debt (1.4) 2.3Increase in deposits 34.1 35.1Decrease (increase) in restricted cash deposits 2.2 (0.8)Dividends (12.0) (9.3)Other - net 0.9 0.8 Net cash provided by financing activities 23.8 28.1 Currency translation adjustments (0.5) 0.1Net change in cash, cash equivalents and due from banks 2.4 (7.4)Cash, cash equivalent and due from banks at beginning of year 46.8 54.2 Cash, cash equivalent and due from banks at end of year 49.2 46.8 Ends This information is provided by RNS The company news service from the London Stock Exchange