3rd Quarter Results
January 30 2009 - 2:00AM
UK Regulatory
TIDMBBHL
RNS Number : 5054M
BB Holdings Ltd
30 January 2009
BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
NINE MONTHS ENDED DECEMBER 31, 2008
Belize City, Belize, January 30, 2009 -- BB Holdings Limited (London - AIM:
BBHL) (the "Company") reported net income of $16.3m (2007 -- $16.1m) for the
quarter ended December 31, 2008, the third quarter of fiscal 2009. Earnings per
share for the quarter ended December 31, 2008 was $0.28 (2007 -- $0.27).
For the nine months ended December 31, 2008 the Company reported net income of
$52.3m (2007 -- $43.6m) and earnings per share of $0.88 (2007 -- $0.74).
Numar, our associate, provided another solid performance for the quarter and for
the nine months ended December 31, 2008. Sales were significantly ahead of last
year with continuing strong gross margins.
Background Information
The Financial Services division operates principally through the Belize Bank in
Belize and the Turks and Caicos Islands. In Belize, the Bank is the largest,
full service commercial and retail banking operation with a head office in
Belize City and thirteen branches extending into each of the six districts of
Belize. The principal operations of the Bank are commercial lending, consumer
lending, deposit-taking and related banking activities. In Turks and Caicos the
Bank is one of the largest commercial lenders and is expanding rapidly.
The Company's associate, Numar, owns edible oil processing and distribution
operations and palm seed plantations principally in 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
Belize +501 227 7178 1 (212) 994 9044
UK +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 Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
+-------------------------------+--------------+--------------+--------------+--------------+
| | 3 months | 3 months | 9 months | 9 months |
| | ended | ended | ended | ended |
| | December 31, | December 31, | Deceember | Deceember |
| | 2008 | 2007 | 31, | 31, |
| | | | 2008 | 2007 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Financial Services | 23.4 | 23.6 | 74.9 | 62.4 |
| Interest income | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Interest expense | (11.1) | (8.8) | (31.9) | (23.4) |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net interest income | 12.3 | 14.8 | 43.0 | 39.0 |
+-------------------------------+--------------+--------------+--------------+--------------+
| Provision for loan losses | (1.6) | (2.1) | (6.0) | (5.4) |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net non-interest income | 1.0 | (0.8) | 0.3 | (1.0) |
| (expense) | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Operating income - Financial | 11.7 | 11.9 | 37.3 | 32.6 |
| Services | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Corporate expenses | (1.9) | (1.0) | (4.5) | (2.7) |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Total operating income | 9.8 | 10.9 | 32.8 | 29.9 |
+-------------------------------+--------------+--------------+--------------+--------------+
| Associates | 6.5 | 5.1 | 19.5 | 13.5 |
+-------------------------------+--------------+--------------+--------------+--------------+
| Interest income | -- | 0.1 | -- | 0.2 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net income | 16.3 | 16.1 | 52.3 | 43.6 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Earnings per ordinary share: | | | | |
| Basic and diluted: | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net income | $0.28 | $0.27 | $0.88 | $0.74 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Number of shares - basic and | 59.1m | 59.1m | 59.1m | 59.1m |
| diluted | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
BB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
+------------------------------------------+--------------------+------------------------+
| | December 31 | March 31 |
| | 2008 | 2008 |
| | $m | $m |
+------------------------------------------+--------------------+------------------------+
| Assets | | |
| Financial Services assets | | |
+------------------------------------------+--------------------+------------------------+
| Cash, cash equivalents and due from | 46.9 | 43.9 |
| banks | | |
+------------------------------------------+--------------------+------------------------+
| Interest-bearing deposits with | 61.4 | 127.1 |
| correspondent banks | | |
+------------------------------------------+--------------------+------------------------+
| Loans - net | 871.4 | 761.1 |
+------------------------------------------+--------------------+------------------------+
| Property, plant and equipment - net | 16.7 | 17.0 |
+------------------------------------------+--------------------+------------------------+
| Government of Belize Securities | -- | 5.0 |
+------------------------------------------+--------------------+------------------------+
| Other assets | 37.9 | 33.8 |
+------------------------------------------+--------------------+------------------------+
| Total financial services assets | 1,034.3 | 987.9 |
+------------------------------------------+--------------------+------------------------+
| Corporate | 0.2 | 0.2 |
| Cash and cash equivalents | | |
+------------------------------------------+--------------------+------------------------+
| Other current assets | 1.0 | 0.4 |
+------------------------------------------+--------------------+------------------------+
| Property, plant and equipment - net | 0.1 | 0.1 |
+------------------------------------------+--------------------+------------------------+
| Associates | 93.4 | 79.2 |
+------------------------------------------+--------------------+------------------------+
| Total assets | 1,129.0 | 1,067.8 |
+------------------------------------------+--------------------+------------------------+
| | | |
+------------------------------------------+--------------------+------------------------+
| Liabilities and shareholders' equity | | |
| Financial Services liabilities | | |
+------------------------------------------+--------------------+------------------------+
| Deposits | 605.1 | 641.1 |
+------------------------------------------+--------------------+------------------------+
| Short-term debt | 10.0 | -- |
+------------------------------------------+--------------------+------------------------+
| Interest Payable | 8.4 | 7.9 |
+------------------------------------------+--------------------+------------------------+
| Other liabilities | 14.5 | 10.7 |
+------------------------------------------+--------------------+------------------------+
| Long-term debt (2013/2014) | 144.3 | 114.3 |
+------------------------------------------+--------------------+------------------------+
| Total Financial Services liabilities | 782.3 | 774.0 |
+------------------------------------------+--------------------+------------------------+
| Corporate | | |
+------------------------------------------+--------------------+------------------------+
| Current liabilities | 4.8 | 4.2 |
+------------------------------------------+--------------------+------------------------+
| Long-term liabilities | 1.2 | 1.2 |
+------------------------------------------+--------------------+------------------------+
| Total liabilities | 788.3 | 779.4 |
+------------------------------------------+--------------------+------------------------+
| Total shareholders' equity | 340.7 | 288.4 |
+------------------------------------------+--------------------+------------------------+
| | | |
+------------------------------------------+--------------------+------------------------+
| Total liabilities and shareholders' | 1,129.0 | 1,067.8 |
| equity | | |
+------------------------------------------+--------------------+------------------------+
| | | |
+------------------------------------------+--------------------+------------------------+
BB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
| 9 months ended December 31 | 2008 | 2007 |
| | $m | $m |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash flows from operating activities | | |
+---------------------------------------------------+----------------+-------------------+
| Net income | 52.3 | 43.6 |
+---------------------------------------------------+----------------+-------------------+
| Adjustments to reconcile net income to net cash | | |
| provided by operating activities: | | |
+---------------------------------------------------+----------------+-------------------+
| Depreciation | 1.1 | 0.9 |
+---------------------------------------------------+----------------+-------------------+
| Provision for loan losses | 6.0 | 5.4 |
+---------------------------------------------------+----------------+-------------------+
| Undistributed earnings of associates | (14.2) | (9.9) |
+---------------------------------------------------+----------------+-------------------+
| Increase in interest payable | 0.5 | 1.2 |
+---------------------------------------------------+----------------+-------------------+
| Changes in assets and liabilities - net | (0.3) | (0.8) |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net cash provided by operating activities | 45.4 | 40.4 |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash flows from investing activities | | |
+---------------------------------------------------+----------------+-------------------+
| Purchase of property plant and equipment (net of | (0.8) | (2.6) |
| disposals) | | |
+---------------------------------------------------+----------------+-------------------+
| Decrease (increase) in interest-bearing deposits | 65.7 | (25.0) |
+---------------------------------------------------+----------------+-------------------+
| Decrease in Government securities | 5.0 | -- |
+---------------------------------------------------+----------------+-------------------+
| Increase in loans to customers | (116.3) | (213.3) |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net cash utilized by investing activities | (46.4) | (240.9) |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash flows from financing activities | | |
+---------------------------------------------------+----------------+-------------------+
| Increase (decrease) in short-tem debt | 10.0 | (1.5) |
+---------------------------------------------------+----------------+-------------------+
| (Decrease) increase in deposits | (36.0) | 101.3 |
+---------------------------------------------------+----------------+-------------------+
| Increase in long-term debt | 30.0 | 100.5 |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net cash provided by financing activities | 4.0 | 200.3 |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net change in cash, cash equivalents and due from | 3.0 | (0.2) |
| banks | | |
+---------------------------------------------------+----------------+-------------------+
| | | | | | |
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
| Cash, cash equivalents and due from banks at | 44.1 | 46.4 | | | |
| beginning of year | | | | | |
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash, cash equivalents and due from banks at end | 47.1 | 46.2 |
| of year | | |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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