LIBERTY INTERNATIONAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001
Liberty International PLC is a major UK property group owning 100 per cent
of Capital Shopping Centres PLC ("CSC"), the leading regional shopping
centre business, and Capital & Counties plc, a commercial and retail
property investment and development company.
Donald Gordon, Chairman of Liberty International, commented:
"These results are the first to reflect fully the radical changes during the
latter part of 2000 and into 2001 in corporate and financial structure,
including the net asset value enhancing repurchase of 34 per cent of our
shares in 2000 for a consideration of some GBP600 million involving higher
interest charges. These changes transformed Liberty International into a
fully independent, focussed and financially driven UK property business.
Our business remains an exceptionally resilient one, recording strong
growth in sales figures from our unrivalled range of ten top quality
regional shopping centres, which attract over 180 million customer visits
per annum, balanced by a robust performance from our other prime located
commercial and retail portfolio.
Our financial flexibility has been greatly improved in the period
following the full consolidation of Capital Shopping Centres by the
completion of our current long term financing programme, raising some GBP1.3
billion of committed long term non-recourse bank facilities linked to
specific assets, providing funds for the future profitable development of
the group's business."
* Net asset value per share increased by 2.0 per cent to 812p (diluted) from
796p on 31 December 2000 (11.5 per cent from 728p on 30 June 2000)
* Six month revaluation surplus of GBP21.8 million (regional shopping
centres 0.1 per cent, other retail and commercial 2.3 per cent) on the basis
of valuations conducted by external valuers
* Total return (net asset value per share growth and dividend) for the
twelve month period ended 30 June 2001 of 14.6 per cent. IPD UK monthly
index total return on UK direct property of 8.1 per cent for same period
* Property investment income up 4.7 per cent to GBP99.3 million (GBP94.8
million to 30 June 2000)
* Operating profit of GBP97.1 million compared with GBP115.1 million for the
six months ended 30 June 2000 reflecting the reduction in realised profits
on property shares from GBP21.3 million to GBP3.5 million
* Recurring interest payable increased from GBP35.1 million to GBP58.0
million as a result of reduced capital base and increased debt
* Earnings per share of 11.38p, 14.72p including exceptional profits
* Interim ordinary dividend of 10.75p per share (10.25p interim dividend in
2000)
* Property assets under ownership and management (including partners'
interests) exceed GBP5.0 billion for the first time
* Debt to assets ratio unchanged at around 40 per cent
* Debt structure now focussed on long term asset specific, non-recourse
facilities with GBP1.28 billion of new facilities now in place (GBP570
million drawn, primarily to refinance last year's share repurchases)
* The Chimes, Ux
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