2 August 2006 BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2006
Belize City, Belize, August 2, 2006 -- BB Holdings Limited (London - AIM: BBHL) (“BB Holdings”) reported net income from continuing operations of $10.0m (2005 -- $8.7m) for the quarter ended June 30, 2006, the first quarter of fiscal 2007.
Diluted earnings per share from continuing operations for the quarter ended June 30, 2006 was $0.17 (2005 -- $0.14).
Commenting on performance, Chairman, Lord Ashcroft, KCMG, said:
“The Financial Services division is continuing to successfully expand its business within Belize and Turks and Caicos and is beginning to look further afield for new business opportunities in the Caribbean”.
"The Belize Bank, the leading and largest banking institution in Belize, achieved solid loan portfolio growth in the quarter. Management's focus continues to be on providing high quality financing solutions to its client base."
Operational Review - Financial Services
Financial Services reported a strong performance for the quarter ended June 30, 2006. Operating income for the quarter increased by 7.5 percent to $8.6m (2005 -- $8.0m). Net interest income for the quarter increased by 11.4 percent to $9.8m (2005 - $8.8m), driven principally by a $19.5m increase in the loan portfolio.
Associate - Numar
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.Numar has continued to invest in new plantation development and now controls over 65,000 acres of African palm plantations principally in Southeast Costa Rica. The results of Numar have benefited from both the increased production and a gradual stabilization in world oil prices which has continued during the first six months of 2006.
For further information contact:
Makinson CowellBB Holdings
+1 (212) 994 9044UK +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 June 30, 2006
3 months ended June 30, 2005
Financial Services
Interest income
14
.
4
12
.
5
Interest expense
(4
.
6)
(3
.
7)
Net non–interest income (expense)
(1
.
2)
(0
.
8)
Financial Services operating income
8
.
6
8
.
0
Corporate expenses
(0
.
9)
(0
.
8)
Associates
2
.
1
1
.
5
Interest income
0
.
2
-
Income from continuing operations
10
.
0
8
.
7
Income from discontinued operations
-
2
.
0
Net income
10
.
0
10
.
7
Earnings per ordinary share:
Basic and diluted
Continuing operations
$0
.
17
$0
.
14
Discontinued operations
-
$0
.
04
Net income
$0
.
17
$0
.
18
Number of shares – basic
60
.
2m
60
.
3m
Number of shares – diluted
60
.
6m
60
.
8m
BB Holdings Limited Financial Information Summarized Consolidated Balance Sheet (unaudited)
June 30 2006 $m
March 31 2006 $m
Assets
Financial Services assets
Cash, cash equivalents and due from banks
36
.
0
30
.
6
Interest–bearing deposits with correspondent banks
65
.
8
53
.
6
Loans – net
406
.
1
386
.
6
Other assets
44
.
9
44
.
6
Total financial services assets
552
.
8
515
.
4
Cash and cash equivalents
19
.
2
18
.
6
Other current assets
0
.
4
0
.
4
Associates and other long–term assets
59
.
6
57
.
5
Total assets
632
.
0
591
.
9
Liabilities and shareholders’ equity
Financial Services liabilities
Deposits
404
.
5
375
.
5
Other liabilities
13
.
2
12
.
1
Long–term debt
15
.
0
15
.
0
Total Financial Services liabilities
432
.
7
402
.
6
Corporate liabilities
Current liabilities
2
.
0
2
.
0
Long–term liabilities
1
.
2
1
.
2
Total Corporate liabilities
3
.
2
3
.
2
Total liabilities
435
.
9
405
.
8
Total shareholders’ equity
196
.
1
186
.
1
Total liabilities and shareholders’ equity
632
.
0
591
.
9
BB Holdings Limited Financial Information Summarized Consolidated Statement of Cash Flows (unaudited) 3 Months ended June 30, 2006
2006 $m
Cash flows from operating activities
Net income
10
.
0
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
0
.
3
Undistributed earnings of associates
(2
.
1)
Changes in assets and liabilities – net
0
.
7
Net cash provided by operating activities
8
.
9
Cash flows from investing activities
Purchase of property plant and equipment (net of disposals)
(0
.
2)
Increase in interest–bearing deposits
(12
.
2)
Increase in loans to customers
(19
.
5)
Net cash utilized by investing activities
(31
.
9)
Cash flows from financing activities
Increase in deposits
29
.
0
Net cash provided by financing activities
29
.
0
Net change in cash, cash equivalents and due from banks
6
.
0
Cash, cash equivalents and due from banks at beginning of period
49
.
2
Cash, cash equivalents and due from banks at end of period
