Final Results

    RNS Number : 6059U
  BB Holdings Ltd
  15 May 2008
   
    BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE 
    YEAR ENDED MARCH 31, 2008

    Belize City, Belize, May 15, 2008 -- BB Holdings Limited (London - AIM: BBHL) (the "Company") reported net income from continuing
operations of $16.8m (2007 -- $12.5m) for the quarter ended March 31, 2008, the fourth quarter of fiscal 2008. Earnings per share from
operations for the quarter ended March 31, 2008 was $0.28 (2007 -- $0.21).

    Net income and earnings per share from operations for the year ended March 31, 2008 amounted to $60.4m (2007 -- $45.4m) and $1.02 (2007
-- $0.76), respectively.

    Commenting on performance, Chairman, Lord Ashcroft, KCMG, said:

    "The strategy of consistently reinvesting our retained earnings in the business together with the benefits of $100 million in new
funding has produced another excellent performance from the Financial Services division". 

     "The Turks and Caicos operation has turned in a year of significant growth helping raise the quality and quantity of the Financial
Services US dollar earnings. Over 60 per cent of Financial Services net income is now earned in US dollars." 

    "The Financial Services division performance was complemented by a record contribution from Numar helping the Company exceed $1.00 in
earnings per share for the first time in its history"


    Financial Services reported one of its best quarters ever for the quarter ended March 31, 2008. Operating income for the quarter, net of
corporate interest on the $100 million loan notes, increased by 18.6 percent to $13.4m (2007 -- $11.3m). 

    Operating income, net of corporate interest on the $100 million loan notes, for the twelve months ended March 31, 2008 increased by 16.8
percent to $46.0m (2007 -- $39.4m). 

    The Company's share of Numar's earnings increased by 97.9 percent to $19.2 million for the twelve months ended March 31, 2008. 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:

    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 ended  3 months ended  Year ended  Year ended
                                   March 31,       March 31,     March 31,   March 31,
                                      2008            2007          2008        2007

 Financial Services
 Interest income                      26.4            15.7          88.8        63.9
 Interest expense                    (7.2)           (5.9)         (26.5)      (21.5)
 Net non-interest (expense)          (3.3)            1.5          (9.7)       (3.0)
 income

 Financial Services operating         15.9            11.3          52.6        39.4
 income

 Corporate expenses                  (2.4)           (1.6)         (5.1)       (4.3)
 Associates                           5.7             2.7           19.2        9.7
 Interest (expense) income           (2.4)            0.1          (6.3)        0.6

 Net income                           16.8            12.5          60.4        45.4

 Earnings per ordinary share:
 Basic and Diluted:
                     Net income      $0.28           $0.21         $1.02       $0.76

     Number of shares - basic &      59.1m           59.6m         59.1m       59.6m
                        diluted



      BB Holdings Limited
    Financial Information
    Summarized Consolidated Balance Sheets (unaudited)

                                                     March 31  March 31
                                                         2008      2007
                                                           $m        $m
 Assets
 Financial Services assets
 Cash, cash equivalents and due from banks               43.9      41.2
 Interest-bearing deposits with correspondent banks     127.1      94.0
 Loans - net                                            761.1     508.5
 Property, plant and equipment - net                     17.0      14.8
 Government of Belize Securities                          5.0       5.0
 Other assets                                            33.8      34.7
 Total financial services assets                        987.9     698.2
 Cash and cash equivalents                                0.2       5.2
 Other current assets                                     0.4       0.6
 Property, plant and equipment - net                      0.1       0.1
 Associates                                              79.2      63.6
 Total assets                                         1,067.8     767.7

 Liabilities and shareholders' equity
 Financial Services liabilities
 Deposits                                               641.1     504.8
 Short-term debt                                          0.0       6.0
 Interest Payable                                         9.7       7.1
 Other liabilities                                       10.7       6.3
 Long-term debt                                          12.5      12.5
 Total Financial Services liabilities                   674.0     536.7
 Current liabilities                                      4.2       1.8
 Long-term liabilities                                    1.2       1.2
 Long-term debt                                         100.0       0.0
 Total liabilities                                      779.4     539.7
 Total shareholders' equity                             288.4     228.0

 Total liabilities and shareholders' equity            1067.8     767.7


         
    BB Holdings Limited
    Financial Information
    Summarized Consolidated Statement of Cash Flows (unaudited)

 For the year ended March 31                                     2008     2007
                                                                   $m       $m

 Cash flow from operating activities
 Net income                                                      60.4     45.4
 Adjustments to reconcile net income to net cash provided by
 operating activities:
   Depreciation                                                   1.2      1.2
   Provision for loan losses                                      8.3      4.0
   Undistributed earnings of associates                        (15.6)    (6.3)
   Increase in interest payable                                   2.6      2.3
   Changes in assets and liabilities - net                        7.9   (16.6)

 Net cash provided by operating activities                       64.8     30.0

 Cash flows from investing activities
 Purchase of property plant and equipment (net of disposals)    (3.4)    (4.4)
 Increase in interest-bearing deposits                         (33.1)   (40.4)
 Decrease in Government securities                                0.0      8.5
 Increase in loans to customers                               (260.9)  (125.9)

 Net cash utilized by investing activities                    (297.4)  (162.2)

 Cash flows from financing activities
 (Decrease) increase in short-tem debt                          (6.0)      6.0
 Increase in deposits                                           136.3    129.3
 Increase (decrease) of long-term debt                          100.0    (2.5)
 Purchase of treasury shares                                      0.0    (3.4)

 Net cash provided by financing activities                      230.3    129.4

 Net change in cash, cash equivalents and due from banks        (2.3)    (2.8)
 Cash, cash equivalents and due from banks at beginning of       46.4     49.2
 year
 Cash, cash equivalents and due from banks at end of year        44.1     46.4



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