RNS Number:6904Z
Liberty Group Ld
07 August 2002
Liberty Holdings Limited interim results - 30 June 2002
(Registration number 1968/002095/06)
JSE Share code: LBH ISIN: ZAE000004032
These results and an overview of the Liberty Group are available at
www.liberty.co.za.
FEATURES
* Interim dividend of 490 cents on underlying continuing operations up 27%
* Total consolidated profit of 1 323,8 cents per share up 35%
Liberty Holdings Limited (Liberty Holdings) is the holding company of Liberty
Group Limited (Liberty). Liberty Holdings has no other investments and carries
on no other business other than that related to its investment in Liberty.
Shareholders are consequently referred to the announcement published by Liberty
simultaneously with this announcement, for details of the operations of Liberty,
the results of which are consolidated into Liberty Holdings.
* Accounting policies and presentation
The accounting policies adopted for purposes of this interim report comply with
South African Statements of Generally Accepted Accounting Practice, as well as
the South African Companies Act of 1973 and the Long-term Insurance Act of 1998.
These accounting policies are consistent with those applied at 31 December 2001
except for the determination of the life fund operating surplus and capital
adequacy requirement which reflect the Statutory Actuary's best estimate for
interim reporting purposes. A full actuarial valuation is not performed at the
half year.
* Interest in Liberty
Liberty Holdings' sole investment at 30 June 2002 consisted of its 54,54% (31
December 2001: 54,67%) interest in Liberty.
* Review of operations
During the six months ended 30 June 2002 Liberty Holdings received an amount of
R223 million in dividends from Liberty (R1 787 million for the six months ended
30 June 2001 pursuant to the capital reduction by Liberty) and incurred
expenditure of R1 million (30 June 2001: R4 million) during the same period. The
company paid R224 million to shareholders by way of the final 2001 dividend
during the period under review.
Total headline profit decreased by 11% from R403 million in respect of the six
months ended 30 June 2001 to R360 million in the current period and reflects the
underlying results of the total operations of Liberty. Based on the underlying
continuing operations of Liberty, the headline profit for the six months ended
30 June 2002 of Liberty Holdings amounted to R360 million reflecting a decrease
of 5% on the R380 million so calculated in respect of the comparative period in
2001. The decrease is mainly attributable to the effect that the weak investment
markets have had on Liberty's life fund operating surplus, which reduced by 5%.
Total consolidated profit increased by 35% from R484 million to R653 million as
a result of the high level of Secondary Tax on Companies incurred in 2001 as a
consequence of paying the 2000 final dividend of 3 462 cents following the
capital reduction of Liberty.
* Dividend
Notice is hereby given that interim ordinary dividend No. 66 of 490 cents per
share has been declared in respect of the year ending 31 December 2002.
The important dates pertaining to this dividend are:
Last day to trade cum dividend on the JSE. Friday, 23 August 2002
First trading day ex dividend on the JSE. Monday, 26 August 2002
Record date Friday, 30 August 2002
Payment date Monday, 2 September 2002
Share certificates may not be dematerialised or rematerialised between Monday,
26 August 2002 and Friday, 30 August 2002, 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 share certificates
will have their bank accounts, which are linked to their CSDP or broker's safe
custody accounts, credited on Monday, 2 September 2002.
* Prospects
Shareholders are referred to the comments on future prospects as detailed in
Liberty's announcement.
Derek Cooper Roy Andersen
Chairman Group Chief Executive
6 August 2002
Transfer Secretaries:
Computershare Investor Services Limited
(Registration number 1958/003546/06)
11 Diagonal Street, Johannesburg, 2001.
PO Box 1053, Johannesburg, 2000.
Telephone +27 11 370-5000
Sponsor: Merril Lynch (Pty) Ltd
Registration number 1995/001805/07
Registered Sponsor and Member of the JSE Johannesburg Securities Exchange South
Africa
Summarised group balance sheet (unaudited) (audited)
30 June 31 December
2002 2001
Rm Rm
Assets
Investments 84 871,6 84 984,1
Owner-occupied properties 663,0 633,4
Goodwill 397,5 112,9
Intangible assets 43,9 69,9
Office furniture, computer equipment
and other tangible assets 337,9 371,9
Current assets 3 475,8 3 230,1
Total assets 89 789,7 89 402,3
Capital, reserves and liabilities
Shareholders' funds 4 982,1 4 562,5
Minority interests 4 154,6 3 784,2
Life funds 75 521,4 75 918,4
Convertible bonds 2 432,6 2 874,2
Retirement benefit obligation 138,8 135,4
Deferred tax 169,8 118,5
Current liabilities 2 390,4 2 009,1
Total capital, reserves and liabilities 89 789,7 89 402,3
Summarised group income statement (unaudited) (unaudited)
30 June 30 June
2002 2001
Rm Rm % Change
Life fund operating surplus from
life insurance subsidiary 563,0 593,5 (5,1%)
Revenue earnings attributable to
shareholders' funds 125,7 166,8 (24,6%)
Preference dividend in subsidiary (28,0) (19,8) 41,4%
Minority interests in headline profit (300,7) (337,9) (11,0%)
Total headline profit 360,0 402,6 (10,6%)
Goodwill amortisation (12,7) (4,2) 202,4%
Investment surpluses attributable to
ordinary shareholders 336,6 289,1 16,4%
Capital Gains Tax attributable to shareholder
investment (deficits)/surpluses (30,5)
Secondary Tax on Companies relating to
capital reduction of subsidiary company
and dividend declared (202,8)
Total consolidated profit 653,4 484,7 34,8%
Preference dividend (0,8) (0,8)
Total consolidated profit attributable to
ordinary shareholders 652,6 483,9 34,9%
Per share details
Headline profit after preference dividend
per ordinary share (cents) 728,7 815,4 (10,6%)
Total consolidated profit per ordinary
share attributable to shareholders (cents) 1 323,8 981,7 34,8%
Headline profit after preference dividend
per ordinary share based on underlying
continuing operations of Liberty (cents) 728,7 770,8 (5,5%)
Number of ordinary shares in issue (millions) 49,3 49,3
Weighted average number of ordinary shares
in issue (millions) 49,3 49,3
Summarised group cash flow statement (unaudited) (unaudited)
30 June 30 June
2002 2001
Rm Rm
Cash flow from operating activities 1 648,8 (1 646,1)
Net (acquisition)/disposal of investments (1 395,3) 743,0
Cash flow from financing activities 24,4 9,5
Net increase/(decrease) in cash
and cash equivalents 277,9 (893,6)
Cash and cash equivalents at
beginning of period 913,1 1 424,3
Cash balances of subsidiaries sold (389,8)
Foreign exchange movements on cash balances (13,7) (1,1)
Cash and cash equivalents at end of period 787,5 529,6
Statement of changes in shareholders' funds (unaudited) (unaudited)
30 June 30 June
2002 2001
Rm Rm
Shareholders' funds at beginning of period
as previously reported 3 378,6
Changes in accounting policies
2000 final dividend 1 706,3
Secondary Tax on Companies relating to the
capital reduction of Liberty and final dividend 205,6
Provision for leave pay net of deferred tax (16,2)
Shareholders' funds restated
at beginning of period 4 562,5 5 274,3
Total consolidated profit 653,4 484,7
Investment surpluses on shareholders'
investments reflected directly in reserves 2,9 1,3
Preference dividend (0,8) (0,8)
Ordinary dividends (224,1) (1 706,3)
2000 final dividend No. 63 of 3 462 cents
- LDR 30 March 2001 (1 706,3)
2001 final dividend No. 65 of 453 cents
- LDR 20 March 2002 (224,1)
Translation difference relating to equity
component of the convertible bonds (12,9) 1,8
Subscriptions for shares 1,1
Shareholders' funds at end of period 4 982,1 4 055,0
This information is provided by RNS
The company news service from the London Stock Exchange
END
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