CIHL.L Regulatory News (CIHL)

27 Oct 2006 14:00

BB Holdings Ltd27 October 2006 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2006 Belize City, Belize, October 27, 2006 -- BB Holdings Limited (London - AIM:BBHL) ("BB Holdings") reported net income from continuing operations of $11.0m(2005 -- $6.6m) for the quarter ended September 30, 2006, the second quarter offiscal 2007. Diluted earnings per share from continuing operations for thequarter ended September 30, 2006 was $0.18 (2005 -- $0.11). Net income and diluted earnings per share from continuing operations for the sixmonths ended September 30, 2006 amounted to $21.0m (2005 -- $15.3m) and $0.35(2005 -- $0.25), respectively. Commenting on performance, Chairman, Lord Ashcroft, KCMG, said: "Results for the second quarter are in line with expectations with a particularygood performance from the operations in Turks and Caicos where demand for newlending is solid". "Our reputation as the leading financial institution in Belize continues togrow. Management is focused on maintaining this position by continousimprovement to our range of services" Operational Review - Financial Services Financial Services reported a strong performance for the quarter ended September30, 2006. Operating income for the quarter increased by 18.7 percent to $8.9m(2005 -- $7.5m). Net interest income for the quarter increased by 22.8 percentto $11.3m (2005 - $9.2m), driven principally by a $53.1m increase in the loanportfolio. Operating income for the six months ended September 30, 2006 increased by 12.9percent to $17.5m (2005 -- $15.5m). Net interest income for the six monthsincreased by 17.2 percent to $21.1m (2005 - $18.0m). 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's new investment overthe last few years in easily accessible, cost efficient growing locations hashelped to maintain its presence in Central America and its position ahead of thecompetition. Numar now controls over 65,000 acres of African palm plantations,principally in Costa Rica, Mexico and Nicaragua. The results of Numar have alsobenefited from both its increased production capacity and a gradualstabilization in world oil prices which has continued in 2006. Numar's strengths include a dominant market share in all key products, anextensive distribution network, a low cost production base, high barriers toentry and its world class seed development technology. Background Information Through the Belize Bank, the company is the largest, full service commercial andretail banking operation in Belize with a head office in Belize City and twelvebranches extending into each of the six regions of Belize. The principaloperations of the bank are commercial lending, consumer lending, deposit-takingand related banking activities. The Bank has also established a significantbranch in Turks and Caicos. 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 6 months ended 6 months ended September 30 September 30 September 30 September 30 2006 2005 2006 2005 Financial ServicesInterest income 16.6 13.0 31.0 25.5Interest expense (5.3) (3.8) (9.9) (7.5)Net non-interest expense (2.4) (1.7) (3.6) (2.5) Financial Services operating income 8.9 7.5 17.5 15.5 Corporate expenses (0.5) (3.0) (1.4) (3.8)Associates 2.4 2.4 4.5 3.9Interest income 0.2 - 0.4 - Income before income taxes 11.0 6.9 21.0 15.6Income taxes - (0.3) - (0.3) Income from continuing operations 11.0 6.6 21.0 15.3Income from discontinued operations - 2.4 - 4.4Net income 11.0 9.0 21.0 19.7 Earnings per ordinary shareBasic:Continuing operations $0.18 $0.11 $0.35 $0.25Discontinued operations - $0.04 - $0.08Net income $0.18 $0.15 $0.35 $0.33 Diluted:Continuing operations $0.18 $0.11 $0.35 $0.25Discontinued operations - $0.04 - $0.07Net income $0.18 $0.15 $0.35 $0.32 Number of shares - basic 60.1m 60.2m 60.1m 60.2mNumber of shares - diluted 60.4m 60.7m 60.4m 60.7m BB Holdings LimitedFinancial InformationSummarized Consolidated Balance Sheet (unaudited) September 30 March 31 2006 2006 $m $mAssetsFinancial Services assetsCash, cash equivalents and due from banks 36.2 30.6Interest-bearing deposits with correspondent banks 66.9 53.6Loans - net 459.2 386.6Other assets 49.3 44.6 Total financial services assets 611.6 515.4 Cash and cash equivalents 8.7 18.6Other current assets 0.6 0.4Associates and other long-term assets 58.3 57.5 Total assets 679.2 591.9 Liabilities and shareholders' equityFinancial Services liabilitiesDeposits 448.5 375.5Other liabilities 11.9 12.1Long-term debt 12.5 15.0 Total Financial Services liabilities 472.9 402.6 Corporate liabilitiesCurrent liabilities 1.5 2.0Long-term liabilities 1.2 1.2 Total corporate liabilities 2.7 3.2 Total liabilities 475.6 405.8 Total shareholders' equity 203.6 186.1 Total liabilities and shareholders' equity 679.2 591.9 BB Holdings LimitedFinancial InformationSummarized Consolidated Statements of Cash Flows (unaudited) For the six months ended September 30 2006 2005 $m $mCash flows from operating activitiesNet income 21.0 19.7Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 0.5 5.4 Other 2.2 3.5 Changes in assets and liabilities - net (6.5) (20.6) Net cash provided by operating activities 17.2 8.0 Cash flows from investing activitiesPurchase of property plant and equipment (net of disposals) (0.4) (2.6)(Increase) decrease in interest-bearing deposits (13.3) 12.1Increase in loans to customers (75.8) (34.1)Other - (1.5) Net cash utilized by investing activities (89.5) (26.1) Cash flows from financing activitiesIncrease (decrease) in short-term debt 1.0 (1.2)Increase in depositis 73.0 21.9Decrease in restricted cash deposits - 2.4Dividends - (12.0)Repayment of long-term debt (2.5) -Purchase of treasury shares (3.5) -Other - 0.3 Net cash provided by financing activities 68.0 11.4 Net change in cash, cash equivalents and due from banks (4.3) (6.7)Cash, cash equivalents and due from banks at beginning of period 49.2 46.8 Cash, cash equivalents and due from banks at end of period 44.9 40.1 This information is provided by RNS The company news service from the London Stock Exchange