TIDMBCB
RNS Number : 5224Y
BCB Holdings Ltd
01 March 2012
BCB HOLDINGS LIMITED ANNOUNCES INTERIM RESULTS FOR THE
THREE MONTHS AND NINE MONTHS ENDED DECEMBER 31, 2011
Belize City, Belize, March 1, 2012 -- BCB Holdings Limited
(London - AIM - BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company").
Background
The demerger by BCB Holdings Limited of Waterloo Investment
Holdings Limited, which owns BCB Holdings Limited's former
non-Belizean businesses, became effective on October 26, 2011 (the
"Demerger"). The Demerger was the subject of a Circular to the
Company's shareholders dated October 19, 2011 (the "Circular") to
which reference should be made.
As a result of the Demerger, the Company's Financial Services
division now operates principally through Belize Bank Limited and
internationally through British Caribbean Bank International
Limited, both of which are based in Belize. Within Belize, Belize
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 Belize Bank are commercial lending, consumer lending,
deposit-taking and related banking activities.
Waterloo Investment Holdings Limited is now the holding company
for the Company's non-Belizean businesses which comprise British
Caribbean Bank Limited, a portfolio of other assets (principally
loans in the Turks and Caicos Islands) and certain investments in
associated companies with interests in edible oil processing and
distribution operations and palm seed plantations principally in
Costa Rica.
Financial Information
The pro forma financial effects of the Demerger on the Company
as at and for the year ended March 31, 2011 are set out in the
Circular.
The financial information included in this report, as at and for
the periods ended December 31, 2011, reflects the impact of the
Demerger, which became effective on October 26, 2011. In accordance
with accounting standards, the income statements for the three
month and nine month periods ended December 31, 2011 have been
presented to separately disclose the results from continuing and
discontinued operations. All prior period financial information
included in this report has been appropriately restated to present
continuing operations and discontinued operations separately in the
income statements for all periods and in the balance sheet at March
31, 2011.
Results - three months ended December 31, 2011
On this basis, the Company reported a net loss from continuing
operations of $2.4m for the three months ended December 31, 2011
(2010 - net loss $1.3m), the third quarter of fiscal 2012, and a
net loss per ordinary share from continuing operations for the
quarter of $0.02 (2010 - net loss $0.01).
For the three months ended December 31, 2011, the Company
reported a net loss of $13.6m (2010 net income - $3.8m) and a net
loss per ordinary share for the quarter of $0.14 (2010 net income -
$0.04).
Results - nine months ended December 31, 2011
For the nine months ended December 31, 2011, the Company
reported a net loss from continuing operations of $8.7m (2010 - net
loss $0.1m). Loss per ordinary share from continuing operations for
the nine months ended December 31, 2011 was $0.09 (2010 -
$0.00).
For the nine months ended December 31, 2011, the Company
reported a net loss of $9.8m (2010 - net income $20.3m) and net
loss per ordinary share for the nine months of $0.10 (2010 net
income - $0.20).
Balance sheet - at December 31, 2011
At December 31, 2011 total assets were $651.5m (March 31, 2011 -
$951.6m) and net assets were $112.3m (March 31, 2011 - $421.3m),
each fully reflecting the effects of the Demerger.
Cash flows - nine months ended December 31, 2011
At December 31, 2011, the Company had cash, cash equivalents and
due from banks of $44.7m (March 31, 2011 - $43.2m), a positive
movement of $1.5m.
Given the cash and non-cash effects of the Demerger, together
with their impact on continuing and discontinued operations (as
restated), a full cash flow statement split as to operating,
investing and financing activities has not been separately
disclosed in this interim announcement. The full cash flow impact
on the continuing operations of the Company will be fully disclosed
in the results announcement and in the audited consolidated
financial statements for the year ending March 31, 2012.
For further information contact:
Makinson Cowell BCB Holdings Limited
+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.
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
3 months 3 months ended 9 months 9 months
ended ended ended
December December 31, December December
31, 31, 31,
2011 2010 2011 2010
------------------------------------ ------------- ----------------- ---------- ----------
Financial Services
Interest income 10.1 11.2 31.0 33.6
Interest expense (4.7) (6.7) (16.1) (19.6)
------------------------------------ ------------- ----------------- ---------- ----------
Net interest income 5.4 4.5 14.9 14.0
Provision for loan losses (4.1) (1.4) (11.9) (3.2)
Net non-interest expense (2.4) (2.3) (7.8) (5.8)
------------------------------------ ------------- ----------------- ---------- ----------
Operating (loss) income -
Financial Services (1.1) 0.8 (4.8) 5.0
Corporate expenses (1.3) (2.1) (3.9) (5.1)
------------------------------------ ------------- ----------------- ---------- ----------
Net (loss) - continuing operations (2.4) (1.3) (8.7) (0.1)
Net (loss) income - discontinued
operations (11.2) 5.1 (1.1) 20.4
Net (loss) income (13.6) 3.8 (9.8) 20.3
------------------------------------ ------------- ----------------- ---------- ----------
Earnings (loss) per share:
basic and diluted
Net (loss) - continuing operations $(0.02) $(0.01) $(0.09) $0.00
Net (loss) income - discontinued
operations $(0.12) $0.05 $(0.01) $0.20
Net (loss) income $(0.14) $0.04 $(0.10) $0.20
Number of shares - (basic
& diluted) 100.0m 100.0m 100.0m 100.0m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
US dollars in millions
December 31 March 31
2011 2011
$m $m
Assets
Financial Services
Cash, cash equivalents and due
from banks 44.7 43.2
Interest-bearing deposits with
correspondent banks 102.8 82.2
Government of Belize securities 18.5 28.9
Loans - net 382.5 390.3
Property, plant and equipment
- net 14.8 12.8
Other assets 77.7 77.4
Total Financial Services assets 641.0 634.8
Corporate
Cash and cash equivalents 9.6 --
Other current assets 0.9 0.4
Net assets - discontinued operations -- 316.4
Total assets 651.5 951.6
Liabilities and shareholders'
equity
Financial Services
Deposits 516.3 504.6
Interest payable 7.3 9.0
Other liabilities 5.7 8.9
Long-term debt -- 0.6
Total Financial Services liabilities 529.3 523.1
Corporate
Other current liabilities 6.7 6.0
Long-term liabilities 3.2 1.2
Total liabilities 539.2 530.3
Shareholders' equity
Share capital 0.6 0.6
Additional paid in capital 52.4 52.4
Treasury shares (21.6) (21.6)
Retained earnings 80.9 389.9
Total shareholders' equity 112.3 421.3
Total liabilities and shareholders'
equity 651.5 951.6
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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