Interim Results

    RNS Number : 8668G
  BB Holdings Ltd
  28 October 2008
   

    BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE 
    SIX MONTHS ENDED SEPTEMBER 30, 2008

    Belize City, Belize, October 28, 2008 -- BB Holdings Limited (London - AIM: BBHL) (the "Company") reported net income of $18.3m (2007 --
$14.5m) for the quarter ended September 30, 2008, the second quarter of fiscal 2009. 

    Earnings per share for the quarter ended September 30, 2008 was $0.31 (2007 -- $0.25).

    The Financial Services division operating income for the quarter increased by 26 percent to $13.0m (2007 -- $10.3m). Interest income for
the quarter increased by 29 percent to $26.4m (2007 -- $20.4m).

    Numar, our associate, provided another solid performance in the quarter. Sales were significantly ahead of last year with continuing
strong gross margins.

    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.  

    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     6 months ended     6 months ended
                                   September 30,      September 30,      September 30,      September 30,
                                       2008               2007               2008               2007

 Financial Services
 Interest income                       26.4               20.4               51.5               38.8
 Interest expense                     (10.7)              (7.4)             (20.8)             (14.6)

 Net interest income                   15.7               13.0               30.7               24.2
 Provision for loan losses             (3.4)              (2.8)              (4.4)              (3.3)
 Net non-interest income                0.7                0.1               (0.7)              (0.2)
 (expense)

 Operating income - Financial          13.0               10.3               25.6               20.7
 Services
 Corporate expenses                    (1.0)              (0.8)              (2.6)              (1.7)

 Total operating income                12.0                9.5               23.0               19.0
 Associates                             6.3                4.9               13.0                8.4
 Interest income                        --                 0.1                --                 0.1

 Net income                            18.3               14.5               36.0               27.5

 Earnings per ordinary share:
 Basic and diluted:
                     Net income        $0.31              $0.25              $0.61              $0.47

   Number of shares - basic and        59.1m              59.1m              59.1m              59.1m
                        diluted







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

                                                     September 30  March 31
                                                             2008      2008
                                                               $m        $m
 Assets
 Financial Services assets
 Cash, cash equivalents and due from banks                   47.5      43.9
 Interest-bearing deposits with correspondent banks          80.0     127.1
 Loans - net                                                850.5     761.1
 Property, plant and equipment - net                         16.8      17.0
 Government of Belize Securities                               --       5.0
 Other assets                                                47.8      33.8
 Total financial services assets                          1,042.6     987.9
 Corporate
 Cash and cash equivalents                                    0.3       0.2
 Other current assets                                         0.6       0.4
 Property, plant and equipment - net                          0.1       0.1
 Associates                                                  86.9      79.2
 Total assets                                             1,130.5   1,067.8

 Liabilities and shareholders' equity
 Financial Services liabilities
 Deposits                                                   652.8     641.1
 Short-term debt                                              4.0        --
 Interest Payable                                            14.8       9.7
 Other liabilities                                           16.3      10.7
 Long-term debt                                             112.5     112.5
 Total Financial Services liabilities                       800.4     774.0
 Corporate
 Current liabilities                                          4.5       4.2
 Long-term liabilities                                        1.2       1.2
 Total liabilities                                          806.1     779.4
 Total shareholders' equity                                 324.4     288.4

 Total liabilities and shareholders' equity               1,130.5   1,067.8



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

 6 month ended September 30                                 2008    2007
                                                              $m      $m

 Cash flow from operating activities
 Net income                                                 36.0    27.5
 Adjustments to reconcile net income to net cash
 provided by operating activities:
   Depreciation                                              0.7     0.6
   Provision for loan losses                                 4.4     3.3
   Undistributed earnings of associates                    (7.7)   (5.0)
   Increase in interest payable                              5.1     2.1
   Changes in assets and liabilities - net                 (8.3)     3.4

 Net cash provided by operating activities                  30.2    31.9

 Cash flows from investing activities
 Purchase of property plant and equipment (net of          (0.5)   (2.3)
 disposals)
 Decrease in interest-bearing deposits                      47.1    35.0
 Decrease in Government securities                           5.0      --
 Increase in loans to customers                           (93.8)  (92.2)

 Net cash utilized by investing activities                (42.2)  (59.5)

 Cash flows from financing activities
 Increase (decrease) in short-tem debt                       4.0   (6.0)
 Increase (decrease) in deposits                            11.7  (10.5)
 Increase in long-term debt                                   --    50.0

 Net cash provided by financing activities                  15.7    33.5

 Net change in cash, cash equivalents and due from banks     3.7     5.9
                                                                              
 Cash, cash equivalents and due from banks at beginning     44.1    46.4      
 of year                                                                      

 Cash, cash equivalents and due from banks at end of        47.8    52.3
 year




This information is provided by RNS
The company news service from the London Stock Exchange
 
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