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BCB Holdings Ltd. – Releases Latest Interim Results
Belize City, Belize – 26 March, 2012 – In a filing to the Bermuda Stock Exchange (“BSX”), BCB Holdings Limited (the “Company”; Tickers: AIM: BCB; Trinidad and Tobago Stock Exchange: BCB.TT; Bermuda Stock Exchange: BCBH.BH) releases the latest unaudited interim financial report to 31 December, 2011.
The filing reads:
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 British Caribbean 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.
Waterloo Investment Holdings Limited is now the holding company for the Company’s non-Belizean businesses which comprise British Caribbean Bank Limited, a portfolio of other assets (principally loans in the Turks and Caicos Islands) and certain investments in associated companies with interests in edible oil processing and distribution operations and palm seed plantations principally in Costa Rica.
Financial Information
The pro forma financial effects of the Demerger on the Company as at and for the year ended March 31, 2011 are set out in the Circular.
The financial information included in this report, as at and for the periods ended December 31, 2011, 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 nine month periods ended December 31, 2011 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 December 31, 2011
On this basis, the Company reported a net loss from continuing operations of $2.4m for the three months ended December 31, 2011 (2010 – net loss $1.3m), the third quarter of fiscal 2012, and a net loss per ordinary share from continuing operations for the quarter of $0.02 (2010 – net loss $0.01).
For the three months ended December 31, 2011, the Company reported a net loss of $13.6m (2010 net income - $3.8m) and a net loss per ordinary share for the quarter of $0.14 (2010 net income – $0.04).
Results - nine months ended December 31, 2011
For the nine months ended December 31, 2011, the Company reported a net loss from continuing operations of $8.7m (2010 – net loss $0.1m). Loss per ordinary share from continuing operations for the nine months ended December 31, 2011 was $0.09 (2010 - $0.00).
For the nine months ended December 31, 2011, the Company reported a net loss of $9.8m (2010 - net income $20.3m) and net loss per ordinary share for the nine months of $0.10 (2010 net income – $0.20).
Balance sheet - at December 31, 2011
At December 31, 2011 total assets were $651.5m (March 31, 2011 - $951.6m) and net assets were $112.3m (March 31, 2011 - $421.3m), each fully reflecting the effects of the Demerger.
Cash flows – nine months ended December 31, 2011
At December 31, 2011, the Company had cash, cash equivalents and due from banks of $44.7m (March 31, 2011 - $43.2m), a positive movement of $1.5m.
Given the cash and non-cash effects of the Demerger, together with their impact on continuing and discontinued operations (as restated), a full cash flow statement split as to operating, investing and financing activities has not been separately disclosed in this interim announcement. The full cash flow impact on the continuing operations of the Company will be fully disclosed in the results announcement and in the audited consolidated financial statements for the year ending March 31, 2012.
For further information contact:
Makinson Cowell - +1 (212) 994 9044
BCB Holdings Limited 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 ended 31 Dec 11 |
3 months ended 31 Dec 10 |
9 months ended 31 Dec 11 |
9 months ended 31 Dec 10 |
|
|
|
|
|
|
|
Financial Services Interest income |
10.1 |
11.2 |
31.0 |
33.6 |
|
Interest expense |
(4.7) |
(6.7) |
(16.1) |
(19.6) |
|
|
|
|
|
|
|
Net interest income |
5.4 |
4.5 |
14.9 |
14.0 |
|
Provision for loan losses |
(4.1) |
(1.4) |
(11.9) |
(3.2) |
|
Net non-interest expense |
(2.4) |
(2.3) |
(7.8) |
(5.8) |
|
|
|
|
|
|
|
Operating (loss) income – Financial Services |
(1.1) |
0.8 |
(4.8) |
5.0 |
|
Corporate expenses |
(1.3) |
(2.1) |
(3.9) |
(5.1) |
|
|
|
|
|
|
|
Net (loss) - continuing operations |
(2.4) |
(1.3) |
(8.7) |
(0.1) |
|
Net (loss) income - discontinued operations |
(11.2) |
5.1 |
(1.1) |
20.4 |
|
|
|
|
|
|
|
Net (loss) income |
(13.6) |
3.8 |
(9.8) |
20.3 |
|
|
|
|
|
|
|
Earnings (loss) per share: basic and diluted |
|
|
|
|
|
Net (loss) - continuing operations |
$(0.02) |
$(0.01) |
$(0.09) |
$0.00 |
|
Net (loss) income - discontinued operations |
$(0.12) |
$0.05 |
$(0.01) |
$0.20 |
|
Net (loss) income |
$(0.14) |
$0.04 |
$(0.10) |
$0.20 |
|
Number of shares – (basic & diluted) |
100.0m |
100.0m |
100.0m |
100.0m |
|
|
|
|
|
|
BCB Holdings Limited
Financial Information
Statement of changes in shareholders’ equity (unaudited)
US dollars in millions
|
|
Share Capital $m |
Additional paid in capital $m |
Treasury shares $m |
Retained earnings $m |
Total $m | ||
|
|
|
|
|
|
| ||
|
At March 31, 2010 |
0.6 |
52.4 |
(21.6) |
397.2 |
428.6 | ||
|
Net income |
- |
- |
- |
20.3 |
20.3 | ||
|
|
|
|
|
|
| ||
|
At December 31, 2010 |
0.6 |
52.4 |
(21.6) |
417.5 |
448.9 | ||
|
Net loss |
- |
- |
- |
(27.6) |
(27.6) | ||
|
|
|
|
|
|
| ||
|
At March 31, 2011 |
0.6 |
52.4 |
(21.6) |
389.9 |
421.3 | ||
|
Net loss |
- |
- |
- |
(9.9) |
(9.9) | ||
|
Demerger of Waterloo Investments |
- |
- |
- |
(299.1) |
(299.1) | ||
|
|
|
|
|
|
| ||
|
At December 31, 2011 |
0.6 |
52.4 |
(21.6) |
80.9 |
112.3 | ||
|
|
|
|
|
|
| ||
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
US dollars in millions
|
|
December 31 2011 $m |
March 31 2011 $m |
|
|
|
|
|
Assets |
|
|
|
Financial Services |
|
|
|
Cash, cash equivalents and due from banks |
44.7 |
43.2 |
|
Interest-bearing deposits with correspondent banks |
102.8 |
82.2 |
|
Government of Belize securities |
18.5 |
28.9 |
|
Loans – net |
382.5 |
390.3 |
|
Property, plant and equipment – net |
14.8 |
12.8 |
|
Other assets |
77.7 |
77.4 |
|
Total Financial Services assets |
641.0 |
634.8 |
|
Corporate |
|
|
|
Cash and cash equivalents |
9.6 |
-- |
|
Other current assets |
0.9 |
0.4 |
|
Net assets – discontinued operations |
-- |
316.4 |
|
Total assets |
651.5 |
951.6 |
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Financial Services |
|
|
|
Deposits |
516.3 |
504.6 |
|
Interest payable |
7.3 |
9.0 |
|
Other liabilities |
5.7 |
8.9 |
|
Long-term debt |
-- |
0.6 |
|
Total Financial Services liabilities |
529.3 |
523.1 |
|
Corporate |
|
|
|
Other current liabilities |
6.7 |
6.0 |
|
Long-term liabilities |
3.2 |
1.2 |
|
Total liabilities |
539.2 |
530.3 |
|
Shareholders' equity |
|
|
|
Share capital |
0.6 |
0.6 |
|
Additional paid in capital |
52.4 |
52.4 |
|
Treasury shares |
(21.6) |
(21.6) |
|
Retained earnings |
80.9 |
389.9 |
|
Total shareholders’ equity |
112.3 |
421.3 |
|
|
|
|
|
Total liabilities and shareholders’ equity |
651.5 |
951.6 |