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LBH
LBH
Liberty Holdings - Unaudited interim results: six months ended 30 June
2006
Liberty Holdings Limited
"Liberty Holdings"
Incorporated in the Republic of South Africa
Registration number: 1968/002095/06
Alpha code: LBH
ISIN code: ZAE000004032
Unaudited interim results for the six months ended 30 June 2006
Condensed group balance sheet
at 30 June 2006
Unaudited Unaudited Audited
as as
restated restated
30 June 30 June 31
December
2006 2005 2005
Rm Rm Rm
Assets
Other assets 629 671 652
Investments 159 320 130 750 146 639
Intangible assets 1 741 2 043 1 843
Reinsurance assets 977 1 387 946
Deferred taxation 116 232 88
Disposal groups held for 2 380
sale
Prepayments, insurance and 4 639 3 626 2 788
other receivables
Cash and cash equivalents 9 908 7 919 12 317
Total assets 177 330 146 628 167 653
Liabilities
Policyholders" liabilities 150 282 123 081 140 835
Insurance contracts 111 275 90 246 103 979
Investment contracts 39 007 32 835 36 856
Financial liabilities 2 368 217 2 235
Third party liabilities 5 090 4 585 4 877
arising on consolidation of
mutual funds
Deferred taxation 2 781 2 152 2 454
Disposal groups held for 1 267
sale
Insurance and other payables 4 788 4 470 3 664
Other liabilities 978 812 1 189
Total liabilities 166 287 135 317 156 521
Equity
Ordinary shareholders" 5 000 4 682 4 967
interest
Minority interests 6 043 6 629 6 165
Total equity 11 043 11 311 11 132
Total equity and liabilities 177 330 146 628 167 653
Condensed group income statement
for the six months ended 30 June 2006
Unaudited Unaudited Audited
as as
restated restated
30 June 30 June 31
December
2006 2005 2005
Rm Rm Rm
Total revenue 23 730 20 002 52 124
Net insurance benefits and (15 804) (10 948) (32 816)
claims
Fair value adjustment to
policyholder liabilities
under investment contracts (2 730) (2 565) (6 834)
Fair value adjustment on (213) (1 061) (1 354)
third party mutual fund
liabilities
Acquisition costs associated (1 196) (2 254) (3 594)
with insurance and
investment contracts
Expenses (1 758) (1 400) (3 760)
Preference dividend in (71) (69) (138)
subsidiary
Goodwill impairment (397) (397)
Profit on dilution 3 9
Profit/(loss) on sale of 378 (2)
subsidiaries
Equity accounted earnings 53 43 91
from joint ventures
Profit before taxation 2 392 1 360 3 320
Taxation (962) (788) (1 634)
Total earnings 1 430 572 1 686
Attributable to: Rm Rm Rm
Equity holders 666 226 719
Minority interests 764 346 967
1 430 572 1 686
Earnings per share Cents Cents Cents
Basic 1 422,0 480,3 1 536,6
Fully diluted 1 421,9 480,1 1 536,2
Headline earnings
for the six months ended 30 June 2006
Unaudited Unaudited Audited
as as
restated restated
30 June 30 June 31
December
2006 2005 2005
Rm Rm Rm
Reconciliation of headline
earnings
Total earnings attributable 666 226 719
to equity holders
Goodwill impairment 204 199
(Profit)/loss on sale of (197) 1
subsidiaries
Headline earnings 469 430 919
Insurance operations 377 257 613
Shareholders" fund 92 173 306
investments
Headline earnings per share Cents Cents Cents
Basic 1 000,1 917,9 1 965,3
Fully diluted 1 000,0 917,5 1 964,7
Condensed statement of changes in group shareholders" funds
for the six months ended 30 June 2006
Unaudited Unaudited Audited
as as
restated restated
30 June 30 June 31
December
2006 2005 2005
Rm Rm Rm
As previously reported 9 404 8 612 8 612
Minority interests in 1 728 2 449 2 449
unincorporated property
partnerships
Restated balance at 1 11 132 11 061 11 061
January
Total earnings 1 430 572 1 686
Minority interests arising
from acquisition of Capital
Alliance
Holdings Limited 161 161
Acquisition of minorities in (166)
Prefsure Holdings Limited
Minority share of capital (481)
reduction in subsidiary
Ordinary dividends (762) (206) (383)
Minority share of subsidiary (298) (210) (378)
dividend
Preference dividend (2) (1) (2)
Minority capital 3 1 2
contribution in
unincorporated property
partnerships
Minority capital reduction (48)
in unincorporated property
partnerships
Distribution to minority (63) (86) (149)
interests in unincorporated
property partnerships
Change in effective (856)
ownership of minority
interests in unincorporated
property partnerships
Subscriptions for shares 1 3 3
Black Economic Empowerment 143 38 72
transaction
Share based payments 26 22 45
Owner occupied properties 13 17 94
-net fair value adjustments
Reversal of fair value
adjustment on Capital
Alliance Holdings
Limited existing shares (17) (17)
Treasury shares 44 37 (9)
Foreign currency translation 42 65 (5)
movement on subsidiaries
Issue of shares in 32 59 68
subsidiary
Share buy-back transaction (49)
Change in effective (3) (205) (212)
ownership
Shareholders" funds 11 043 11 311 11 132
Ordinary shareholders" 5 000 4 682 4 967
interest
Minority interests 6 043 6 629 6 165
Condensed group cash flow statement
for the six months ended 30 June 2006
Unaudited Unaudited Audited
as as
restated restated
30 June 30 June 31
December
2006 2005 2005
Rm Rm Rm
Operating activities (309) 3 884 7 831
Investing activities (1 669) (3 937) (5 361)
Financing activities (445) 4 2 024
Net (decrease)/increase in (2 423) (49) 4 494
cash and cash equivalents
Cash and cash equivalents at 12 317 6 516 6 516
beginning of period
Net cash acquired on 1 444 1 444
business acquisition and
disposals
Reclassified to disposal (137)
groups held for sale
Foreign exchange movements 14 8
on cash balances
Cash and cash equivalents at 9 908 7 919 12 317
end of period
Commitments
as at 30 June 2006
Unaudited Unaudited Audited
30 June 30 June 31
December
2006 2005 2005
Rm Rm Rm
Capital commitments
Equipment 163 167 288
Under contracts 132 154 248
Authorised by the 31 13 40
directors but not contracted
Related parties
as at 30 June 2006
There have been no significant changes to the nature of the related
party transactions as described in note 42 to the 31 December 2005
annual financial statements.
Summary of movement in investments in ordinary shares held by the group
and its subsidiaries in the group"s holding company is as follows:
Market
Number value Ownership
"000 Rm %
Standard Bank Group Limited
Balance at 31 December 2005 46 489 3 525 3,44
Purchases 3 536 267
Sales (5 790) (453)
Fair value adjustments 67
Balance at 30 June 2006 44 235 3 406 3,26
Commentary on results
Liberty Holdings Limited (Liberty Holdings) is the holding company of
Liberty Group Limited. Liberty Holdings carries on no business other
than that related to its investment in Liberty Group Limited. At 30
June 2006 Liberty Holdings held a 52,1% interest in Liberty Group
Limited (31 December 2005: 52,2%).
Shareholders are consequently referred to the announcement published by
Liberty Group Limited on 10 August 2006 (available at
www.liberty.co.za), for further details and a review of their
operations and prospects, the results of which are consolidated into
Liberty Holdings.
On 12 June 2006 Liberty Group Limited paid a capital reduction of R3,60
per share. The proceeds received were R523 million. A dividend of R464
million (946 cents per share) was declared on 23 May 2006 and paid on
19 June 2006. Secondary tax on companies amounted to R57 million.
As a consequence of adopting International Financial Reporting
Standards, the company"s issued ordinary shares that are held by its
subsidiary companies for the benefit of their policyholders are
accounted for as treasury shares in the Group consolidated financial
statements.
Dividend
Notice is hereby given that the 2006 interim ordinary dividend of 414
cents per share (June 2005: 370 cents per share) has been declared.
The important dates pertaining to this dividend are:
Last day to trade cum dividend on the JSE Friday, 1 September 2006
First trading day ex dividend on the JSE Monday, 4 September 2006
Record date Friday, 8 September 2006
Payment date Monday, 11 September 2006
Share certificates may not be dematerialised or rematerialised between
Monday, 4 September 2006 and Friday, 8 September 2006 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, 11 September 2006.
Accounting policies and presentation
The interim results are unaudited and have been prepared in accordance
with International Financial Reporting Standards. There have been no
changes to accounting policies from those applied for the year ended 31
December 2005. We do not anticipate any significant change to
accounting policies for the remainder of 2006.
Segment information and restatement of comparatives
Shareholders are referred to the announcement published by Liberty
Group Limited on 10 August 2006 for details regarding segment
information and changes to comparative figures for the six months ended
30 June 2005 and the year ended 31 December 2005.
Derek Cooper
Chairman
11 August 2006
Liberty Holdings Limited Transfer Secretaries
(the Company) Computershare Investor
Services 2004 (Pty) Limited
Incorporated in the Republic (Registration number:
2004/003647/07)
of South Africa Ground Floor, 70 Marshall
Street, Johannesburg 2001
(Registration number: PO Box 61051, Marshalltown,
1968/002095/06) 2107
Alpha code: LBH Telephone +27 11 370 5000
ISIN code: ZAE000004032
Sponsor
Merrill Lynch
These results are available at www.libertyholdings.co.za
Date: 11/08/2006 11:07:08 AM Produced by the JSE SENS Department
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