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LBH LBHP
LBH
LBH - Liberty Holdings Limited - Audited Preliminary Results for the Year Ended
31 December 2006
Liberty Holdings Limited
Registration number 1968/002095/06
Ordinary Share Code: LBH
Preference Share Code: LBHP
Ordinary share ISIN Code: ZAE000004032
Preference share ISIN Code: ZAE000004040
AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
31 December 2006
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 31 December 2006 Liberty
Holdings held a 52,0% interest in Liberty Group Limited (31 December 2005:
52,2%).
Shareholders are consequently referred to the announcement published by Liberty
Group Limited on 2 March 2007 (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. Consequently a special 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.
Non-related party shareholders of the company`s subsidiary Liberty Group Limited
on the 29 January 2007 approved the acquisition of the remaining ordinary shares
in STANLIB Limited for a consideration in the order of R1,6 billion.
Dividend
Notice is hereby given that the 2006 final dividend of 670 cents per share
(2005: 650 cents per share) has been declared.
The important dates pertaining to this dividend are:
Last day to trade cum dividend on the JSE Friday, 23 March 2007
First trading day ex dividend on the JSE Monday, 26 March 2007
Record date Friday, 30 March 2007
Payment date Monday, 2 April 2007
Share certificates may not be dematerialised or rematerialised between Monday,
26 March 2007 and Friday, 30 March 2007 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, 2 April 2007.
Accounting policies and presentation
The results 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.
Segment information and restatement of comparatives
Shareholders are referred to the announcement published by Liberty Group
Limited on 2 March 2007 for details regarding segment information and changes to
comparative figures for the years ended 31 December 2005 and 2006.
Derek Cooper
Chairman
5 March 2007
Audit opinion
The auditors, PricewaterhouseCoopers Inc., have issued their opinion on the
Group_fs financial statements for the year ended 31 December 2006. They have
issued an unmodified audit opinion. A copy of their audit report is available
for inspection at the company_fs registered office.
Liberty Holdings Limited (the Company)
Incorporated in the Republic of South Africa
Registration number: 1968/002095/06)
Alpha code: LBH
ISIN code: ZAE000004032
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Limited
(Registration number: 2004/003647/07)
Ground Floor, 70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown, 2107
Telephone +27 11 370 5000
Sponsor
Merrill Lynch
Global Markets & Investment Banking Group
Merrill Lynch South Africa (Pty) Ltd
Registration number 1995/001805/07
Registered Sponsor and Member of the JSE Securities Exchange South Africa
These results are available at www.libertyholdings.co.za
Condensed group balance sheet
as at 31 December 2006
As restated
2006 2005
Audited Rm Rm
Assets
Investments 188 691 148 648
Intangible assets 1 640 1 843
Reinsurance assets 1 065 946
Deferred taxation 40 88
Disposal groups held for sale 2 380
Prepayments, insurance and other receivables 3 189 2 839
Cash and cash equivalents 5 242 12 455
Other assets 872 723
Total assets 200 739 169 922
Liabilities
Policyholders` liabilities 168 898 140 835
Financial liabilities 2 357 2 295
Third party liabilities arising on
consolidation of mutual funds 8 559 7 079
Deferred taxation 3 262 2 454
Disposal groups held for sale 1 267
Insurance and other payables 4 247 3 671
Other liabilities 1 186 1 189
Total liabilities 188 509 158 790
Equity
Ordinary shareholders` funds 5 556 4 967
Minority interests 6 674 6 165
Total equity 12 230 11 132
Total equity and liabilities 200 739 169 922
Condensed group income statement
for the year ended 31 December 2006
As restated
2006 2005
Audited Rm Rm
Total revenue 59 180 52 858
Net insurance benefits and claims (38 140) (32 816)
Fair value adjustment to policyholder
liabilities under
investment contracts (8 276) (6 834)
Fair value adjustment on third party
mutual fund liabilities (1 480) (1 879)
Acquisition costs associated with insurance
and investment contracts (2 413) (3 594)
Expenses (3 903) (3 969)
Preference dividend in subsidiaries (184) (138)
Goodwill impairment (397)
Profit on dilution of subsidiary shareholding 4
Profit/(loss) on sale of subsidiaries 374 (2)
Equity accounted earnings from joint ventures 150 91
Profit before taxation 5 312 3 320
Taxation (2 307) (1 634)
Total earnings 3 005 1 686
Attributable to:
Equity holders 1 390 719
Minority interest 1 615 967
3 005 1 686
Weighted average number of shares in issue 46 608 000 46 660 000
Earnings per share Cents Cents
Basic earnings 2 978,5 1 536,6
Fully diluted 2 977,6 1 536,2
Headline earnings
for the year ended 31 December 2006
Rm Rm
Reconciliation of headline earnings
Total earnings attributable to equity holders 1 390 719
Goodwill impairment 199
(Profit)/loss on sale of subsidiaries (194) 1
Headline earnings 1 196 919
Headline earnings per share Cents Cents
Basic earnings 2 561,7 1 965,3
Fully diluted 2 561,6 1 964,7
Condensed statement of changes in group ordinary shareholders` funds for the
year ended 31 December 2006
As restated
2006 2005
Audited Rm Rm
Balance at 1 January 4 967 4 591
Total earnings 1 390 719
Ordinary dividends (959) (383)
Preference dividend (2) (2)
Treasury shares (5) (14)
Subscriptions for shares 1 3
Black Economic Empowerment transaction 95 38
Share based payments 26 24
Owner-occupied properties - net fair value
adjustments 18 49
Reversal of fair value adjustment on
Capital Alliance Holdings Limited existing
shares (8)
Foreign currency translation movement on
subsidiaries 25 (1)
Share buy-back transaction (49)
Ordinary shareholders` funds 5 556 4 967
Minority interests 6 674 6 165
Total shareholders` funds at 31 December 12 230 11 132
Condensed group cash flow statement for the year ended 31 December 2006
As restated
2006 2005
Audited Rm Rm
Operating activities 4 521 7 881
Investing activities (11 341) (5 411)
Financing activities (393) 2 024
Net (decrease)/increase in cash and cash
equivalents (7 213) 4 494
Cash and cash equivalents at beginning of year 12 455 6 654
Net cash acquired on business acquisition
and disposals 1 444
Reclassified to disposal groups held for sale (137)
Cash and cash equivalents at end of year 5 242 12 455
Commitments summary
as at 31 December 2006
As restated
2006 2005
Audited Rm Rm
Operating leases - properties and equipment 632 755
Within 1 year 95 110
1 to 5 years 374 377
6 to 10 years 163 268
Capital commitments 1 987 288
STANLIB Limited acquisition 1 575
Investment and owner-occupied property 311
Equipment 101 288
Related parties
as at 31 December 2006
The approved STANLIB acquisition by Liberty Group Limited is a significant
related party transaction that will occur in 2007 as 37,4% of the shares
acquired are held by the group`s ultimate holding company, Standard Bank Group
Limited.
There have been no further 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 ultimate 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 3 346 281
Sales (11 247) (906)
Fair value adjustments 747
Balance at 31 December 2006 38 588 3 647 2,83
Date: 05/03/2007 13:22:19 Produced by the JSE SENS Department.
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