CIHL.L Regulatory News (CIHL)

15 May 2007 07:04

BB Holdings Ltd15 May 2007 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE YEAR ENDED MARCH 31, 2007 Belize City, Belize, May 15, 2007 -- BB Holdings Limited (London - AIM: BBHL)(the "Company") reported net income from continuing operations of $12.5m (2006-- $10.7m) for the quarter ended March 31, 2007, the fourth quarter of fiscal2007. Diluted earnings per share from continuing operations for the quarterended March 31, 2007 was $0.21 (2006 -- $0.18). Net income and diluted earnings per share from continuing operations for theyear ended March 31, 2007 amounted to $45.4m (2006 -- $35.8m) and $0.76 (2006 --$0.59), respectively. Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: "An excellent performance by the Financial Services division has contributed toearnings per share 29 percent ahead of last year." "The Turks and Caicos operation has turned in another year of excellent growth.The recently announced injection of $50 million new capital will strengthen thisposition". Operational Review - Financial Services The Financial Services division reported another record year of financialresults together with a further strengthening of its balance sheet. Operatingincome for the year ended March 31, 2007 increased by 15.5 percent to $39.4m(2006 -- $34.1m). Net interest income for the year increased by 14.6 percent to$42.4m (2006 - $37.0m) and net non-interest expense remained flat. 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 twelve 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: BB Holdings Limited Makinson CowellBelize +501 227 7178 +1 (212) 994 9044UK +44 (0)20 7248 6700 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 Year ended Year ended March 31, 2007 March 31, 2006 March 31, 2007 March 31, 2006 Financial ServicesInterest income 15.7 14.0 63.9 52.6Interest expense (5.9) (4.1) (21.5) (15.6)Net non-interest income (expense) 1.5 0.3 (3.0) (2.9) Financial Services operating income 11.3 10.2 39.4 34.1 Corporate expenses (1.6) (1.6) (4.3) (6.0)Associates 2.7 1.6 9.7 7.4Interest income 0.1 0.2 0.6 0.3 Income before income taxes 12.5 10.4 45.4 35.8Income taxes - 0.3 - - Income from continuing operations 12.5 10.7 45.4 35.8Income from discontinued operations - 0.9 - 5.5 Net income 12.5 11.6 45.4 41.3 Earnings per ordinary share:Basic and Diluted:Continuing operations $0.21 $0.18 $0.76 $0.59Discontinued operations - $0.01 - $0.09Net income $0.21 $0.19 $0.76 $0.68 Number of shares - basic 59.6m 60.2m 59.6m 60.2mNumber of shares - diluted 59.6m 60.7m 59.6m 60.7m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheets (unaudited) March 31 March 31 2007 2006 $m $mAssetsFinancial Services assetsCash, cash equivalents and due from banks 41.2 30.6Interest-bearing deposits with correspondent banks 94.0 53.6Loans - net 508.5 386.6Other assets 54.5 44.6Total financial services assets 698.2 515.4Cash and cash equivalents 5.2 18.6Other current assets 0.6 0.4Associates and other long-term assets 63.7 57.5Total assets 767.7 591.9 Liabilities and shareholders' equityFinancial Services liabilitiesDeposits 504.8 375.5Long-term debt 12.5 15.0Other liabilities 19.4 12.1Total Financial Services liabilities 536.7 402.6Corporate liabilitiesCurrent liabilities 1.8 2.0Long-term liabilities 1.2 1.2Total corporate liabilities 3.0 3.2Total liabilities 539.7 405.8Total shareholders' equity 228.0 186.1 Total liabilities and shareholders' equity 767.7 591.9 BB Holdings LimitedFinancial InformationSummarized Consolidated Statement of Cash Flows (unaudited)For the year ended March 31 2007 $m Cash flows from operating activitiesNet income 45.4Adjustments to reconcile net income to net cash provided by operatingactivities: Depreciation 1.0 Other - net (2.3) Changes in assets and liabilities - net (5.7)Net cash provided by operating activities 38.4 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (4.2)Increase in interest-bearing deposits with correspondent banks (40.4)Increase in loans to customers (125.9)Net cash utilized by investing activities (170.5) Cash flows from financing activitiesIncrease in short-term debt 6.0Increase in deposits 129.3Repayment of long-term debt (2.5)Purchase of treasury shares (3.5)Net cash provided by financing activities 129.3 Net change in cash, cash equivalents and due from banks (2.8)Cash, cash equivalents and due from banks at beginning of year 49.2Cash, cash equivalents and due from banks at end of year 46.4 - Ends - This information is provided by RNS The company news service from the London Stock Exchange