2nd Quarter Results
2007年10月29日 - 9:03PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:5267G
BB Holdings Ltd
29 October 2007
BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 2007
Belize City, Belize, October 29, 2007 -- BB Holdings Limited (London - AIM:
BBHL) ("BB Holdings") reported net income from continuing operations of $14.5m
(2006 -- $11.0m) for the quarter ended September 30, 2007, the second quarter of
fiscal 2008.
Diluted earnings per share from continuing operations for the quarter ended
September 30, 2007 was $0.25 (2006 -- $0.18).
Net income and diluted earnings per share from continuing operations for the six
months ended September 30, 2007 amounted to $27.5m (2006 -- $21.0m) and $0.47
(2006 -- $0.35), respectively.
Commenting on performance, Chairman, Lord Ashcroft, KCMG, said:
"A combination of continuing growth and solid results in the Financial Services
division together with an excellent performance from our associate Numar has
contributed to a 39 percent increase in earnings per share for the quarter".
Financial Services reported a strong performance for the quarter ended September
30, 2007 assisted by the injection of $50 million into the Turks and Caicos
operations during the first quarter. Financial Services operating income for the
quarter, net of corporate interest on the $50 million loan notes, increased by
15.7 percent to $10.3m (2006 -- $8.9m). The proceeds from the recently announced
second $50 million issue of loan notes will be injected into the Turks and
Caicos operation in the third quarter.
Operating income, net of corporate interest on the $50 million loan notes, for
the six months ended September 30, 2007 increased by 18.3 percent to $20.7m
(2006 -- $17.5m). Over 50 percent of Financial Services net income is now earned
in US dollars.
The Company's share of Numar's earnings increased by 86.7 percent to $8.4
million for the six months ended September 30, 2007. Improved market prices of
crude palm oil have remained at a high level with new investment in production
capacity continuing to enhance sales and gross margin.
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:
Makinson Cowell BB 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.bbholdingslimited.com.
BB Holdings Limited
Financial Information
Summarized 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,
2007 2006 2007 2006
Financial Services
Interest income 20.4 16.6 38.8 31.0
Interest expense (6.1) (5.3) (12.3) (9.9)
Net non-interest expense (2.7) (2.4) (3.5) (3.6)
Financial Services operating 11.6 8.9 23.0 17.5
income
Corporate expenses (0.8) (0.5) (1.7) (1.4)
Associates 4.9 2.4 8.4 4.5
Interest (expense) income (1.2) 0.2 (2.2) 0.4
Net income 14.5 11.0 27.5 21.0
Earnings per ordinary share:
Basic and diluted:
Net income $0.25 $0.18 $0.47 $0.35
Number of shares - basic 59.1m 60.1m 59.1m 60.1m
Number of shares - diluted 59.1m 60.4m 59.1m 60.4m
BB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
September 30 March 31
2007 2007
$m $m
Assets
Financial Services
Cash, cash equivalents and due from banks 45.9 41.2
Interest-bearing deposits with correspondent banks 59.0 94.0
Loans - net 597.4 508.5
Property, plant and equipment - net 16.5 14.8
Other assets 34.6 39.7
Total Financial Services assets 753.4 698.2
Cash and cash equivalents 6.4 5.2
Other current assets 1.3 0.6
Property, plant and equipment - net 0.1 0.1
Associates 68.6 63.6
Total assets 829.8 767.7
Liabilities and shareholders' equity
Financial Services
Deposits 494.3 504.8
Short-term debt - 6.0
Interest payable 9.2 7.1
Other liabilities 4.9 6.3
Long-term debt 12.5 12.5
Total Financial Services liabilities 520.9 536.7
Current liabilities 2.2 1.8
Long-term liabilities 1.2 1.2
Long-term debt 50.0 -
Total liabilities 574.3 539.7
Total shareholders' equity 255.5 228.0
Total liabilities and shareholders' equity 829.8 767.7
BB Holdings Limited
Financial Information
Summarized Consolidated Statements of Cash Flows (unaudited)
For the six months ended September 30 2007 2006
$m $m
Cash flows from operating activities
Net income 27.5 21.0
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 0.6 0.6
Provision for loan losses 3.3 2.9
Undistributed earnings of associates (5.0) (1.1)
Increase in interest payable 2.1 1.1
Changes in assets and liabilities - net 3.4 (14.2)
Net cash provided by operating activities 31.9 10.3
Cash flows from investing activities
Purchase of property plant and equipment (net of disposals) (2.3) (0.3)
Decrease (increase) in interest-bearing deposits 35.0 (13.3)
(Increase) in loans to customers (92.2) (75.5)
Decrease in Government securities - 6.4
Net cash utilized by investing activities (59.5) (82.7)
Cash flows from financing activities
(Decrease) increase in deposits (10.5) 73.0
Increase (decrease) in long-term debt 50.0 (2.5)
(Decrease) increase in short-term debt (6.0) 1.0
Net purchase of treasury shares - (3.4)
Net cash provided by financing activities 33.5 68.1
Net change in cash, cash equivalents and due from banks 5.9 (4.3)
Cash, cash equivalents and due from banks at beginning of period 46.4 49.2
Cash, cash equivalents and due from banks at end of period 52.3 44.9
This information is provided by RNS
The company news service from the London Stock Exchange
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