Final Results
June 01 2010 - 11:47AM
UK Regulatory
TIDMBCB
RNS Number : 8916M
BCB Holdings Ltd
01 June 2010
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
YEAR ENDED MARCH 31, 2010
Belize City, Belize, June 1, 2010 -- BCB Holdings Limited (London - AIM - BCB;
Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company")
reported net income of $25.9m (2009 -- $62.4m) for the year ended March 31, 2010
and earnings per share of $0.27 (2009 -- $1.06).
For the quarter ended March 31, 2010 the Company reported a net loss of $17.4m
(2009 - net income $10.1m) and a loss per share of $0.17 (2009 - earnings per
share $0.17).
Commenting on corporate performance, Chairman, Wendell Mottley, said:
"Financial Services operating income of $12.7 million for the year was after an
exceptional charge of $44.5 million in respect of loan provisions."
"The weak economic environment in Belize and the Turks and Caicos Islands has
continued in fiscal 2010 and security values have fallen in the abnormally
depressed and complex international economic market conditions. As a result, the
Company's intensive evaluation procedures covering the loan portfolio and
security values identified the need for an exceptional charge of $44.5 million
in respect of loan provisions against the total portfolio of $891 million."
"The charge of $44.5 million was offset by other income relating to an award by
the London Court of International Arbitration to the Company against the
Government of Belize, of $22.0 million plus interest, in respect of damages and
costs for breaches of contractual warranties given by the Government. The award
also took account of a prior year receivable from the Government concerning the
overpayment of business tax by the Belize Bank. The overall impact in the
current fiscal year is a credit to other income of $12.4 million in the fourth
quarter."
"The Company has nevertheless closed the current fiscal year with a stronger
balance sheet in which net income of $25.9 million and an increase of $52.4
million in its capital base had a combined impact to increase shareholders
equity to $428.6 million from $350.0 million in March 2009."
"The Company's share of our associate Numar's income was $18.6 million for the
current year compared with $23.1 million in 2009. Palm oil prices have remained
relatively stable in the year to March 2010 after falling from the higher prices
prevailing in the year to March 2009."
"Earnings per share for the year of $0.27 are down due to the dilutive effect of
the shares issued on the acquisition of Cockleshell Limited in May 2009 and the
lower current year earnings."
Background Information
The Financial Services division operates principally through the Belize Bank in
Belize, British Caribbean Bank in the Turks and Caicos Islands and
internationally through British Caribbean Bank International Limited which is
based in Belize. Within 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.
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.
The Company's ordinary shares are listed on AIM, the Trinidad and Tobago Stock
Exchange and the Bermuda Stock Exchange.
For further information contact:
Makinson Cowell
BCB 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.bcbholdings.com.
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
+--------------------------+-----------+-----------+-----------+-----------+
| | 3 months | 3 months | Year | Year |
| | ended | ended | ended | ended |
| | March 31, | March 31, | March 31, | March 31, |
| | 2010 | 2009 | 2010 | 2009 |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Financial Services | | | | |
| Interest income | 19.9 | 19.8 | 92.7 | 94.7 |
+--------------------------+-----------+-----------+-----------+-----------+
| Interest expense | (10.7) | (11.3) | (45.2) | (43.2) |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net interest income | 9.2 | 8.5 | 47.5 | 51.5 |
+--------------------------+-----------+-----------+-----------+-----------+
| Provision for loan | (41.4) | (1.0) | (44.5) | (7.0) |
| losses | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net non-interest income | 12.3 | 0.8 | 9.7 | 1.1 |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Operating (loss) income | (19.9) | 8.3 | 12.7 | 45.6 |
| - Financial Services | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Corporate expenses | (1.6) | (1.8) | (5.4) | (6.3) |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Total operating (loss) | (21.5) | 6.5 | 7.3 | 39.3 |
| income | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Associates | 4.1 | 3.6 | 18.6 | 23.1 |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Net (loss) income | (17.4) | 10.1 | 25.9 | 62.4 |
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| (Loss) earnings per | | | | |
| ordinary share: | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Basic and diluted | ($0.17) | $0.17 | $0.27 | $1.06 |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| Number of shares - basic | 100.0m | 58.9m | 95.9m | 59.0m |
| and diluted | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------+-----------+-----------+-----------+-----------+
Summarized Consolidated Balance Sheets (unaudited)
US dollars in millions
+----------------------------------+-------------+-------------+
| | March 31 | March 31 |
| | 2010 | 2009 |
| | $m | $m |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| Assets | | |
+----------------------------------+-------------+-------------+
| Financial Services | | |
+----------------------------------+-------------+-------------+
| Cash, cash equivalents and due | 58.4 | 47.5 |
| from banks | | |
+----------------------------------+-------------+-------------+
| Interest-bearing deposits with | 84.0 | 84.5 |
| correspondent banks | | |
+----------------------------------+-------------+-------------+
| Loans - net | 826.3 | 876.5 |
+----------------------------------+-------------+-------------+
| Property, plant and equipment - | 16.2 | 16.8 |
| net | | |
+----------------------------------+-------------+-------------+
| Other assets | 92.1 | 47.2 |
+----------------------------------+-------------+-------------+
| Total Financial Services assets | 1,077.0 | 1,072.5 |
+----------------------------------+-------------+-------------+
| Corporate | | |
+----------------------------------+-------------+-------------+
| Cash and cash equivalents | 0.3 | 0.2 |
+----------------------------------+-------------+-------------+
| Other current assets | 0.4 | 0.5 |
+----------------------------------+-------------+-------------+
| Property, plant and equipment - | 0.1 | 0.1 |
| net | | |
+----------------------------------+-------------+-------------+
| Associates | 108.6 | 97.0 |
+----------------------------------+-------------+-------------+
| Total assets | 1,186.4 | 1,170.3 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| Liabilities and shareholders' | | |
| equity | | |
+----------------------------------+-------------+-------------+
| Financial Services | | |
+----------------------------------+-------------+-------------+
| Deposits | 611.9 | 646.9 |
+----------------------------------+-------------+-------------+
| Interest payable | 8.8 | 8.9 |
+----------------------------------+-------------+-------------+
| Other liabilities | 10.5 | 11.6 |
+----------------------------------+-------------+-------------+
| Long-term debt | 121.4 | 146.7 |
+----------------------------------+-------------+-------------+
| Total Financial Services | 752.6 | 814.1 |
| liabilities | | |
+----------------------------------+-------------+-------------+
| Corporate | | |
+----------------------------------+-------------+-------------+
| Current liabilities | 4.0 | 5.0 |
+----------------------------------+-------------+-------------+
| Long-term liabilities | 1.2 | 1.2 |
+----------------------------------+-------------+-------------+
| Total liabilities | 757.8 | 820.3 |
+----------------------------------+-------------+-------------+
| Total shareholders' equity | 428.6 | 350.0 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| Total liabilities and | 1,186.4 | 1,170.3 |
| shareholders' equity | | |
+----------------------------------+-------------+-------------+
Summarized Consolidated Statement of Cash Flows (unaudited)
US dollars in millions
+--------------------------------------------+-------------+---------------+---------------+---------------+---------------+
| For the year ended March 31 | 2010 | 2009 | |
| | $m | $m | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Cash flow from operating activities | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Net income | 25.9 | 62.4 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Adjustments to reconcile net income to net | | | |
| cash provided by operating activities: | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Depreciation | 1.4 | 1.5 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Provision for loan losses | 44.5 | 7.0 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Undistributed earnings of associates | (11.6) | (17.8) | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| (Decrease) increase in interest payable | (0.1) | 1.0 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Changes in assets and liabilities - net | (47.2) | (11.5) | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Net cash provided by operating activities | 12.9 | 42.6 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Cash flows from investing activities | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Purchase of property plant and equipment | (0.8) | (1.3) | |
| (net of disposals) | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Decrease in interest-bearing deposits | 0.5 | 42.6 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Decrease in Government securities | 0.3 | 4.7 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Decrease (increase) in loans to customers | 5.7 | (122.4) | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Net cash provided (utilized) by investing | 5.7 | (76.4) | |
| activities | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Cash flows from financing activities | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| (Decrease) increase in deposits | (35.0) | 5.8 | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| (Decrease) increase in long-term debt | (25.3) | 32.4 | |
| Additional Paid in Capital | 52.4 | -- | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Sale (purchase) of treasury shares | 0.3 | (0.8) | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Net cash (utilized) provided by financing | (7.6) | 37.4 | |
| activities | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Net change in cash, cash equivalents and | 11.0 | 3.6 | |
| due from banks | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | | | |
+--------------------------------------------+-------------+---------------+---------------+---------------+---------------+
| Cash, cash equivalents and due from banks | 47.7 | 44.1 | | | |
| at beginning of year | | | | | |
+--------------------------------------------+-------------+---------------+---------------+---------------+---------------+
| | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| Cash, cash equivalents and due from banks | 58.7 | 47.7 | |
| at end of year | | | |
+--------------------------------------------+-------------+---------------+-----------------------------------------------+
| | | | |
+--------------------------------------------+-------------+---------------+---------------+---------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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