| Wed 11 Aug 2004, 9:31 | | Liberty Holdings- Unaudited interim resultsfor the |
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Liberty Holdings- Unaudited interim resultsfor the six months ended 30 June 2004
Liberty Holdings Limited
Liberty Holdings Limited
(Registration number 1968/002095/06)
(Alpha code LBH)
(ISIN code ZAE000004032)
(Incorporated in the Republic of South Africa)
Liberty Holdings Limited (Liberty Holdings) is the holding company of Liberty
Group Limited (Liberty Life). Liberty Holdings has no other investment and
carries on no business other than that related to its investment in Liberty
Life. At 30 June 2004 Liberty Holdings held a 54,0% interest in Liberty Life (31
December 2003: 54,2%) Shareholders are consequently referred to the announcement
published by Liberty Life simultaneously with this announcement, for details of
the operations (the results of which are consolidated into Liberty Holdings) and
prospects of Liberty Life.
Dividend Notice is hereby given that interim ordinary dividend No. 70 of 490
cents per share has been declared in respect of the year ending 31 December
2004, thus maintaining the interim dividend for 2004 at the same level as for
2003. This dividend distributes the entire underlying Liberty Life interim
dividend to shareholders of Liberty Holdings.
The important dates pertaining to this dividend are:
Last day to trade cum dividend on the JSE Friday, 3 Sept 2004
First trading day ex dividend on the JSE Monday, 6 Sept 2004
Record date Friday, 10 Sept 2004
Payment date Monday, 13 Sept 2004
Share certificates may not be dematerialised or rematerialised between Monday, 6
September 2004 and Friday, 10 September 2004, both days inclusive.
Where applicable, dividends in respect of certificated shareholders will be
transferred electronically to shareholders` bank accounts on payment date. In
the absence of specific mandates, dividend cheques will be posted to
shareholders. Shareholders who have dematerialised their shares will have their
accounts with their CSDP or broker credited on Monday, 13 September 2004.
Derek Cooper Myles Ruck
Chairman Chief Executive
11 August 2004
These results are available at www.libertylife.co.za.
Accounting policies and presentation
The accounting policies adopted comply with South African Statements of
Generally Accepted Accounting Practice as well as the South African Companies
Act, 1973. The financial information has been prepared on the historical cost
basis, modified by the revaluation of investment property, owner occupied
property and the fair value adjustments required by the accounting statement on
Financial Instruments: Recognition and Measurement (AC 133). These accounting
policies are consistent with those applied at 31 December 2003 except for the
determination of the operating profit from insurance operations, embedded value,
capital adequacy requirement and value of new business, which reflect the
Statutory Actuary`s best estimate for interim reporting purposes. A full
valuation is not performed at half year.
Summarised group income statement
(unaudited)
Six months ended 30 June
2004 2003 %
Rm Rm Change
Operating profit from insurance operations
net of tax 335,0 252,7 32,6%
Revenue earnings attributable to
shareholders` funds 163,6 150,8 8,5%
Preference dividend in subsidiary (40,6) (45,0) (9,8%)
Minority interests in headline earnings (211,9) (162,3) 30,6%
Headline earnings 246,1 196,2 25,4%
Goodwill amortisation and impairment* (3,2) (39,0) (91,8%)
Realised investment gains attributable to
shareholders` assets net of capital gains
tax * 24,1 5,2 363,5%
Total earnings attributable to ordinary
shareholders 267,0 162,4 64,7%
* Net of minority interests
Per share details
cents cents
Headline earnings per
ordinary share 499,2 398,0 25,4%
Total earnings per ordinary share 541,6 329,4 64,4%
Total number of shares in issue (millions) 49,3 49,3 -
Weighted average number of shares in issue
(millions) 49,3 49,3 -
Summarised group cash flow statement
(unaudited)
Six months ended
30 June
2004 2003
Rm Rm
Cash flows from operating activities 2 476,4 2 606,8
Cash flows from investing activities (2 623,6) (2 343,2)
Cash flows from financing activities 56,6 4,8
Net (decrease)/increase in cash and cash equivalents (90,6) 268,4
Cash and cash equivalents at beginning of year 345,6 273,6
Foreign exchange movements on cash balances (39,8) (8,2)
Cash and cash equivalents at end of the period 215,2 533,8
Summarised group balance sheet
(unaudited) (audited)
30 June 31 December
2004 2003
Rm Rm
Assets
Investments 93 126,0 91 508,4
Owner-occupied properties 750,8 725,4
Goodwill 74,6 80,5
Intangible assets 174,3 195,5
Tangible assets 366,3 363,3
Current assets 3 705,8 3 686,6
Total assets 98 197,8 96 559,7
Capital, reserves and liabilities
Shareholders` funds 4 810,9 4 754,8
Minority interests 4 106,2 4 021,4
Policyholder liabilities 85 196,8 83 839,6
Liabilities under insurance contracts 55 419,8 56 296,6
Liabilities under investment contracts 29 777,0 27 543,0
Redeemable bonds 1 408,0 1 499,8
Retirement benefit obligation 158,0 155,1
Deferred tax 309,5 313,2
Current liabilities 2 208,4 1 975,8
Total capital, reserves and liabilities 98 197,8 96 559,7
Statement of changes in group shareholders` funds
(unaudited)
Six months ended
30 June
2004 2003
Rm Rm
Shareholders` funds at 31 December as previously
published 4 754,8 4 670,0
Restatement of opening retained surplus on
implementation of AC133 (49,6)
Shareholders` funds restated as at 1 January 4 754,8 4 620,4
Total earnings 267,0 162,4
Unrealised investment losses on shareholders` assets
net of capital gains tax (38,5) (158,2)
Preference dividends (0,8) (0,8)
Ordinary dividends (172,5) (172,5)
2002 final dividend No. 67 of 350 cents - LDR 20 March
2003 (172,5)
2003 final dividend No. 69 of 350 cents - LDR 26 March
2004 (172,5)
Translation difference relating to equity component of
the redeemable bonds (3,1) (6,8)
Subscription for shares 4,0
Shareholders` funds at end of period 4 810,9 4 444,5
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
(Registration number 2004/003647/07)
70 Marshall Street, Johannesburg, 2001.
PO Box 61051, Marshalltown, 2107.
Sponsor
Merill Lynch
11 August 2004
