BCB Holdings Ltd Final Results (3928N)
September 28 2012 - 2:03AM
UK Regulatory
TIDMBCB
RNS Number : 3928N
BCB Holdings Ltd
28 September 2012
BCB HOLDINGS LIMITED ANNOUNCES INTERIM RESULTS FOR THE
THREE MONTHS AND TWELVE MONTHS ENDED MARCH 31, 2012
Belize City, Belize, September 28, 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 Belize 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.
Financial Information
The financial information included in this report, as at and for
the periods ended March 31, 2012, 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 twelve month periods ended March 31, 2012 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 March 31, 2012
On this basis, the Company reported a net loss from continuing
operations of $5.8m for the three months ended March 31, 2012 (2011
- net loss $19.6m), the final quarter of fiscal 2012, and a net
loss per ordinary share from continuing operations for the quarter
of $0.06 (2011 - net loss $0.20).
Results - twelve months ended March 31, 2012
For the twelve months ended March 31, 2012, the Company reported
a net loss from continuing operations of $14.5m (2011 - net loss
$19.7m). Loss per ordinary share from continuing operations for the
twelve months ended March 31, 2012 was $0.14 (2011 - $0.20).
Balance sheet - at March 31, 2012
At March 31, 2012 total assets were $675.2m (March 31, 2011 -
$962.3m) and net assets were $108.0m (March 31, 2011 - $421.3m),
the March 31, 2012 figures fully reflecting the effects of the
Demerger.
The annual report for the Company is being sent to shareholders
today.
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 12 months 12 months
ended ended ended
March 31, March 31, March 31, March 31,
2012 2011 2012 2012
---------------------------------- ------------- ----------------- ----------- -----------
Financial Services
Interest income 9.8 10.2 40.8 43.8
Interest expense (4.1) (6.4) (20.2) (26.0)
---------------------------------- ------------- ----------------- ----------- -----------
Net interest income 5.7 3.8 20.6 17.8
Provision for loan losses (7.7) (19.7) (19.6) (22.9)
Net non-interest expense (3.0) (2.9) (10.8) (8.7)
---------------------------------- ------------- ----------------- ----------- -----------
Operating loss - Financial
Services (5.0) (18.8) (9.8) (13.8)
Corporate expenses (0.8) (0.8) (4.7) (5.9)
---------------------------------- ------------- ----------------- ----------- -----------
Net loss - continuing operations (5.8) (19.6) (14.5) (19.7)
Net (loss) income - discontinued
operations (0.0) (8.0) (0.6) 12.4
Net loss (5.8) (27.6) (15.1) (7.3)
---------------------------------- ------------- ----------------- ----------- -----------
Earnings (loss) per share:
basic and diluted
Net loss - continuing operations $(0.06) $(0.20) $(0.14) $(0.20)
Net (loss) income - discontinued
operations $(0.00) $(0.08) $(0.01) $0.13
Net loss $(0.06) $(0.28) $(0.15) $(0.07)
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
March 31 March 31
2012 2011
$m $m
Assets
Financial Services
Cash, cash equivalents and due
from banks 146.7 122.4
Interest-bearing deposits with
correspondent banks 31.0 27.2
Government of Belize securities 18.5 28.9
Loans - net 375.7 390.3
Property, plant and equipment
- net 15.1 12.8
Other assets 78.4 77.1
Total Financial Services assets 665.4 658.7
Corporate
Cash and cash equivalents 8.5 7.8
Other current assets 1.3 0.4
Net assets - discontinued operations -- 295.4
Total assets 675.2 962.3
Liabilities and shareholders'
equity
Financial Services
Deposits 545.6 515.3
Interest payable 6.5 9.0
Other liabilities 8.0 8.9
Long-term debt -- 0.6
Total Financial Services liabilities 560.1 533.8
Corporate
Other current liabilities 5.9 6.0
Long-term liabilities 1.2 1.2
Total liabilities 567.2 541.0
Shareholders' equity
Share capital 0.6 0.6
Additional paid in capital 52.8 52.4
Treasury shares (21.6) (21.6)
Retained earnings 76.2 389.9
Total shareholders' equity 108.0 421.3
Total liabilities and shareholders'
equity 675.2 962.3
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
Year ended March 31 2012 2011
$m $m
Cash flow from operating activities
Net loss from continuing operations (14.5) (19.7)
Adjustments to reconcile net loss to net
cash (utilized) provided by operating activities:
Depreciation 1.4 1.3
Provision for loan losses 19.6 22.9
(Decrease) increase in interest payable (2.5) 0.9
Changes in assets and liabilities - net (3.2) (10.9)
Net cash provided (utilized) by operating
activities - continuing 0.8 (5.5)
Net cash (utilized) provided by operating
activities - discontinued (3.4) 9.0
Net cash (utilized) provided by operating
activities (2.6) 3.5
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (3.7) (3.0)
(Increase) decrease in interest-bearing
deposits (3.8) 44.6
Decrease (Increase) in Government securities 10.4 (28.9)
(Increase) decrease in loans to customers (5.0) 19.7
Net cash (utilized) provided by investing
activities (2.1) 32.4
Cash flows from financing activities
Increase in deposits 30.3 30.1
Decrease in long-term debt (0.6) --
Net cash provided by financing activities 29.7 30.1
Net change in cash, cash equivalents and
due from banks 25.0 66.0
Cash, cash equivalents and due from banks
at beginning of year 130.2 64.2
Cash, cash equivalents and due from banks
at end of period 155.2 130.2
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
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