Interim Results

Liberty PLC 19 September 2006 FOR IMMEDIATE RELEASE 19th September 2006 LIBERTY PLC: SECOND INTERIM ACCOUNTS FOR SIX MONTHS ENDED 30th JUNE 2006 HIGHLIGHTS • Group sales steady at approx £20m despite 20% less trading area following closure of Regent Street space. • Flagship store sales 2% up at £18.8m despite reduced trading area. • Continuing to build on Liberty of London branded luxury goods sales. • Strong performance from ladies' fashions - up 7% - and beauty with maintained sales from 27% less trading space. • Continuing to cut losses - EBITDA on core business down to negative £0.8m against a negative £1.4m on like-for-like basis. • Progression of international launch of Liberty of London brand - Japanese joint venture in place by beginning of 2007 and aiming for Spring 2008 launch. • Total recognised gains and losses show a positive £0.5m in comparison to a positive £0.4m for the same period last year. 'The consolidation of our flagship business is now delivering both efficiencies and an enhanced customer experience which, together with the ongoing investment in the Liberty of London brand, gives us confidence that we will deliver shareholder value over the medium term. We also believe we are laying the foundations for the creation of a serious global luxury goods brand from an increasingly successful and iconic London retail landmark. Against this background we view the future with cautious, but positive, optimism.' Richard Balfour-Lynn, Chairman Liberty Plc Contact: Liberty Plc Tel: 020 7734 1234 Iain Renwick, Chief Executive Crispin Mardon, Finance Director Baron Phillips Associates Tel: 020 7920 3161 Baron Phillips CHAIRMAN'S STATEMENT AND BUSINESS REVIEW for the six months ended 30th June 2006 I am pleased to report that the improvement in sales at Liberty's flagship store in the last quarter of 2005 has continued through the six months to the end of June 2006. What is even more pleasing is that this increase in sales has been achieved despite the closing of our Regent Street building, resulting in a 20% reduction in floorspace within the flagship store for the last four months of the period. Today we have a stable and dynamic management team that is capable of delivering growth and profitability. Their achievements are reflected in the continuing improvements in performance of the company that I comment on below. From an operational perspective, the past six months have been characterised by consolidation. As noted above, during the period we withdrew from our Regent Street space and consolidated all our activities into the Tudor Building in Great Marlborough Street. This has enabled us to adopt a more focused approach and concentrate on products that more accurately reflect our strategy of being a luxury branded goods emporium. As part of that strategy we have continued to build on last Autumn's launch of Liberty of London branded luxury goods, which was enthusiastically greeted by both the fashion media and public alike. Across the business, total net sales were stable at nearly £20m against the comparable period last year. We are particularly pleased with this performance against the current retail climate and after taking into account the disruption to trade caused by relocating part of the business from Regent Street to our adjoining Tudor Building, with the resulting 20% reduction in floor space. Importantly, trading at the flagship store grew by 2%, with this six months' sales in the Tudor Building being £18.8m against £18.4m for the same period last year. At the heart of this improvement was a 11% higher conversion rate of footfall into sales together with a 12% increase in average transaction value, reflecting the success of our merchandising strategy. At the EBITDA level, the group's business produced a negative £0.8m this time. This compares to a negative £1.4m for the same period a year ago after excluding last year's rental income of £0.6m and property profits of £2.4m. Once again, we regard this as strong evidence of the improved financial performance which is beginning to become apparent in our results. After taking account of brand development costs incurred during this and previous periods, all of which has been expensed rather than being carried forward against earnings forecast to be produced from the brand, Liberty improved its EBITDA for the period by £0.5m. During the period, the Group has seen savings in interest costs of some £1.2m as a result of the Regent Street sale completed in April 2005. Excluding the one-off profit on sale of the Regent Street property last year, the Group's pre-tax loss improved by 44% from a loss of £2.8m in the comparative period, last year, to £1.6m this period. Looking more closely at our trading performance, it is worth noting that both menswear and ladies accessories produced impressive double-digit growth over the same period last year, while ladies fashions also increased sales by 7%. There was an equally impressive out-turn from the beauty division which generated the same level of sales but from 27% less trading space. While our Home business sales volume has been lower than last year, it is important to appreciate that in the comparable period a large number of large ticket sales were achieved, although margins this year have been significantly higher. I am delighted to report that we have continued to build on the success of our Liberty of London luxury brand. Sales are already matching those of the luxury multi-brand accessories that once occupied the central atrium and we believe we are laying the foundations for a sustainable expansion over the next two years of our Liberty of London brand, both at home and abroad. Our strategy is to allocate the whole of the central atrium on the ground floor of the store to the Liberty of London brand, thus reinforcing our customers' view that Liberty is once more an important 'fashion destination'. With the Liberty of London brand becoming firmly established here in London, our intention is to start rolling out this concept internationally. This will start in Japan where our aim is to replicate the feel and ambience of our flagship store in conjunction with our trading partners, where they will be providing the trading locations and we will be providing our branded Liberty of London product. We aim to have our Japanese joint venture in place by the beginning of 2007, enabling us to fully launch Liberty of London there in the Spring of 2008. While we appreciate there is still much work to be done we are confident that the key drivers are in place that will, once more, make Liberty a design focused destination retail centre that attracts a broader range of consumers than ever before. The consolidation of our flagship business is now delivering both efficiencies and an enhanced customer experience which, together with the ongoing investment in the Liberty of London brand, gives us confidence that we will deliver shareholder value over the medium term. We also believe we are laying the foundations for the creation of a serious global luxury goods brand from an increasingly successful and iconic London retail landmark. Against this background we view the future with cautious, but positive, optimism. Richard Balfour-Lynn Chairman Liberty Plc 19th September 2006 LIBERTY PLC OPERATING REVIEW During the six months ended 30th June 2006, Liberty Plc continued its transformation into a dynamic retail destination, underpinned by a strong and expanding retail brand. The historical trading and balance sheet performance of Liberty Plc are summarised below:- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 -------------------------------------- Financial performance --------------------- Turnover 19,976 20,065 42,371 Operating EBITDA before brand expenditure 252 (211) 1,711 Operating loss before profit on sale of properties and trademark, and before brand expenditure (490) (921) (1,494) Profit on disposal of properties and minor trademark - 2,432 1,720 Brand expenditure (1,085) (624) (1,650) Total recognised gains and losses 459 389 1,356 ==================================== 30th June 30th June 31st December 2006 2005 2005 £'000 £'000 £'000 -------------------------------------- Balance sheet composition ------------------------- Property assets 30,082 27,909 28,609 (Debt)/cash (882) 3,630 3,892 CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED) for the six months ended 30th June 2006 ------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 Notes £'000 £'000 £'000 -------------------------------------- Turnover 2 19,976 20,065 42,371 Cost of sales (10,922) (11,727) (23,118) -------------------------------------- Gross profit 9,054 8,338 19,253 Selling and distribution costs (9,506) (9,660) (20,486) Administrative expenses (1,405) (1,214) (2,529) Exceptional operating income 3 - - 1,720 Other operating income 282 991 618 -------------------------------------- Operating loss (1,575) (1,545) (1,424) Profit on disposal of investment and operational properties - 2,432 - -------------------------------------- Profit/(loss) on ordinary activities before interest and taxation 2 (1,575) 887 (1,424) Net interest receivable/(payable and similar charges) 15 (1,229) 22 -------------------------------------- Loss on ordinary activities before taxation (1,560) (342) (1,402) Taxation on loss on ordinary activities 4 (238) (434) (471) -------------------------------------- Loss on ordinary activities after taxation (1,798) (776) (1,873) Equity minority interests (196) (169) (321) -------------------------------------- Loss attributable to ordinary shareholders (1,994) (945) (2,194) Undeclared preference dividends 5 (11) (12) (23) -------------------------------------- Retained loss for the period 10 (2,005) (957) (2,217) ====================================== Basic and diluted loss per share 6 (8.8p) (4.2p) (9.7p) ====================================== All operations are continuing. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (UNAUDITED) for the six months ended 30th June 2006 ------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 Notes £'000 £'000 £'000 -------------------------------------- Loss for the period (2,005) (957) (2,217) Unrealised surplus on revaluation of property 1,012 1,359 1,902 Actuarial gain/(loss) on pension scheme 7 1,500 (31) 1,751 Currency translation differences on foreign currency net investments (48) 18 (80) -------------------------------------- Total recognised gains and losses for the period 459 389 1,356 ====================================== All recognised gains and losses are attributable to equity shareholders' interests. NOTE OF CONSOLIDATED STATEMENT OF HISTORICAL COST PROFITS AND LOSSES (UNAUDITED) for the six months ended 30th June 2006 ------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 -------------------------------------- Reported loss on ordinary activities before taxation (1,560) (342) (1,402) Realisation of property revaluation surplus recorded in previous years - 13,266 - Reduction in depreciation charge for the period based on historical cost of properties held at valuation - 54 - -------------------------------------- Historical cost (loss)/profit on ordinary activities before taxation (1,560) 12,978 (1,402) ====================================== Historical cost loss retained after taxation, minority interests and dividends (2,005) (12,363) (2,217) ====================================== RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED) for the six months ended 30th June 2006 ------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 -------------------------------------- Opening shareholders' funds 40,806 39,496 39,897 Loss for the financial period (1,994) (945) (2,194) Undeclared preference dividends (11) (12) (23) Unrealised surplus on revaluation of property 1,012 1,359 1,902 Actuarial gain/(loss) on pension scheme 1,500 (31) 1,751 Currency translation differences on foreign currency net investments (48) 18 (80) Unpaid preference dividends 11 12 23 -------------------------------------- Closing shareholders' funds 41,276 39,897 41,276 ====================================== CONSOLIDATED BALANCE SHEET (UNAUDITED) at 30th June 2006 ------------------------------------------------------------------------------------------- 30th June 30th June 31st December 2006 2005 2005 Notes £'000 £'000 £'000 ------------------------------------------- Fixed assets Intangible asset 18,200 18,200 18,200 Tangible assets 8 30,082 27,909 28,609 ------------------------------------------- 48,282 46,109 46,809 ------------------------------------------- Current assets Stocks 7,073 6,653 6,830 Debtors 6,928 8,141 6,984 Cash - 3,630 3,892 ------------------------------------------- 14,001 18,424 17,706 Creditors: amounts falling due within one year 9 (12,536) (13,580) (13,656) Net current assets 1,465 4,844 4,050 Total assets less current liabilities 49,747 50,953 50,859 Creditors: amounts falling due after more than one year (1,696) (1,745) (1,746) ------------------------------------------- Net assets before pension deficit 48,051 49,208 49,113 Pension deficit 7 (4,938) (6,863) (6,590) ------------------------------------------- Net assets after pension deficit 43,113 42,345 42,523 =========================================== Capital and reserves Called up share capital 6,036 6,036 6,036 Merger reserve 10 61,503 61,503 61,503 Revaluation reserve 10 6,430 4,528 5,418 Profit and loss account 10 (32,693) (32,170) (32,151) ------------------------------------------- Total equity shareholders' funds 41,276 39,897 40,806 Equity minority interests 1,837 2,448 1,717 ------------------------------------------- 43,113 42,345 42,523 =========================================== CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) for the six months ended 30th June 2006 ------------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 Notes £'000 £'000 £'000 ------------------------------------------- Net cash outflow from operating activities 12 (3,572) (10,034) (1,715) Returns on investments and servicing of finance 39 (2,029) (738) Tax paid 49 (370) (162) Capital expenditure/sale of fixed assets (1,202) 66,148 (1,754) ------------------------------------------- Net cash (outflow)/inflow before financing and use of liquid resources (4,686) 53,715 (4,369) Management of liquid resources 2,940 2,000 - Financing - (56,000) - ------------------------------------------- Decrease in cash during the period (1,746) (285) (4,369) =========================================== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT (UNAUDITED) for the six months ended 30th June 2006 ------------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 Notes £'000 £'000 £'000 ------------------------------------------- Decrease in cash during the period (1,746) (285) (4,369) Decrease in liquid resources (2,940) (2,000) - Decrease in loans during the period - 56,000 - ------------------------------------------- Increase/(decrease) in net cash during the period 13 (4,686) 53,715 (4,369) Foreign currency translation (88) 28 (143) ------------------------------------------- Movement in net (debt)/cash during the period (4,774) 53,743 (4,512) Opening net cash/(debt) 13 3,892 (50,113) 3,630 ------------------------------------------- Closing net (debt)/cash 13 (882) 3,630 (882) =========================================== NOTES TO THE ACCOUNTS ------------------------------------------------------------------------------------------ 1. BASIS OF PREPARATION ------------------------------------------------------------------------------------------ On 7th August 2006, the Company announced its decision to change its accounting reference date from 30th June to 31st December. Accordingly, these second interim accounts are for the six months ended 30th June 2006 with comparative information for the six months ended 30th June 2005 and the 12 months ended 30th June 2006. These accounts incorporate the results of Liberty Plc and its subsidiary undertakings. The results have been prepared on the basis of the accounting policies adopted in the accounts of the Group for the year ended 30th June 2005, consistently applied in all material respects, after taking account of the new Accounting Standards that became effective since 1st July 2005. These were disclosed in the first set of interim accounts for the six months ended 31st December 2005. No new accounting standards have become effective since that date. 2. DIVISIONAL ANALYSIS ------------------------------------------------------------------------------------ Turnover represents the amounts charged to third party customers for goods and services, less returns, and excluding value added tax. Sales by concession departments are included in turnover on a commission only basis. Six months Six months Year ended ended ended 30th June 30th June 30th June Turnover 2006 2005 2006 £'000 £'000 £'000 ----------------------------------------- By class of business: Retail 13,424 13,731 29,814 Wholesale 6,552 6,334 12,557 ----------------------------------------- 19,976 20,065 42,371 ========================================= By geographical origin: United Kingdom 16,905 17,358 37,251 Japan 3,071 2,707 5,120 ----------------------------------------- 19,976 20,065 42,371 ========================================= By geographical destination: United Kingdom 14,164 14,325 31,490 Japan 3,077 2,692 5,162 Other 2,735 3,048 5,719 ----------------------------------------- 19,976 20,065 42,371 ========================================= By category: Gross turnover 22,816 22,444 48,530 Less concession turnover net of commission (2,840) (2,379) (6,159) ----------------------------------------- Net turnover 19,976 20,065 42,371 ========================================= Operating (loss)/profit on ordinary activities before interest and taxation By class of business: Retail operating income (1,942) 111 (2,481) Brand expenditure (1,085) (624) (1,650) Wholesale 1,452 1,400 2,707 ----------------------------------------- (1,575) 887 (1,424) ========================================= By geographical origin: United Kingdom (2,272) 360 (2,458) Japan 697 527 1,034 ----------------------------------------- (1,575) 887 (1,424) ========================================= Retail includes the UK retail operations in London. Wholesale includes the results of the UK and Japanese fabric businesses. The Retail loss on ordinary activities before interest and taxation includes net rental income from properties, and is inclusive of exceptional operating income. 3. EXCEPTIONAL OPERATING INCOME ----------------------------------------------------------------------------------- During the six months ended 31 December 2005 the Group received a payment of £1,720,000, which related to the early buy-out of a licensing agreement. This has been reflected in the profit and loss account for the year ended 30th June 2006 as an exceptional item because of its size. The proceeds received were used to reduce Group debt. 4. TAXATION ON LOSS ON ORDINARY ACTIVITIES ------------------------------------------------------------------------------------ Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------ UK tax UK corporation tax on UK results - (218) - Overseas tax Withholding tax written off (13) (13) (111) Japanese tax on Japanese profits (225) (203) (353) Adjustment in respect of prior years - - (7) ------------------------------------------ (238) (434) (471) ========================================== At 30th June 2006, the Liberty group has unrelieved capital expenditure of approximately £26m. At the same date, it had trading losses carried forwards of approximately £27m. These tax assets are available for offset against UK trading profits of the group. 5. DIVIDENDS ------------------------------------------------------------------------------------ Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------ Undeclared preference dividends 11 12 23 ========================================== Due to a deficiency of distributable reserves of the Company, the preference shares are currently in arrears of dividend of 6 years. Payment of £139,000 will be made when this deficiency has been made good from future profits. 6. BASIC AND DILUTED LOSS PER SHARE ------------------------------------------------------------------------------------ The loss per share figures are calculated by dividing the loss after taxation and minority interests for the period, by the weighted average number of shares in issue during the period, as follows: Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------ Loss on ordinary activities after taxation and minority interests (1,994) (945) (2,194) ========================================== Number Number Number '000 '000 '000 Weighted average number of ordinary shares in issue during the period 22,603 22,603 22,603 ========================================== Basic and diluted loss per share (8.8p) (4.2p) (9.7p) ========================================== The exercise price of the share options was less than the average share price for the year and therefore no adjustment to the earnings is necessary in respect of shares under option. The shares under option may in the future dilute earnings per share, and be reported as a diluted loss per share, but they were anti-dilutive for the periods above and are therefore not included in the calculation of the diluted loss per share. 7. PENSIONS ------------------------------------------------------------------------------------- Overall summary Liberty operates a defined contribution pension scheme and two defined benefit pension schemes. One of these defined benefit schemes is for certain UK employees of its wholly owned subsidiary Liberty Retail Plc and has been closed to new entrants since February 2002. The other is a minor scheme for the Japanese subsidiary of Liberty Plc. The assets of all pension schemes of the Group are held in separate trust administered funds. The total pension charge of the Group for the six months ended 30th June 2006 was £231,000 (year ended 30th June 2006: £489,000). At 30th June 2006 £34,000 was due by the Group to the UK pension scheme, which was paid shortly after the period end. Movement of deficit in the UK defined benefit pension scheme of Liberty Retail Plc The movement in the UK defined benefit pension scheme during the year was as follows:- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------- Deficit in scheme at beginning of period (6,552) (6,805) (6,822) Movements in period:- Contributions received 183 180 366 Current service cost (129) (123) (265) Net finance income/(costs) 8 (54) (27) Increase in value of scheme assets less increase in actuarial valuation of current scheme liabilities 1,497 (20) 1,755 ------------------------------------------- Deficit in scheme at 30th June 2006 (4,993) (6,822) (4,993) =========================================== Movement of deficit in the Japan defined benefit pension scheme of Liberty Plc The movement in the Japan defined benefit pension scheme during the year was as follows:- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------ Deficit in scheme at beginning of period (38) (54) (41) Movements in period:- Contributions received 99 36 111 Current service cost (9) (11) (18) Net finance costs (1) (1) (2) Increase in value of scheme assets less increase in actuarial valuation of current scheme liabilities 4 (11) 5 ------------------------------------------ Surplus/(deficit) in scheme at 30th June 2006 55 (41) 55 =========================================== The fair values of the schemes' assets are not intended to be realised in the short term and may be subject to significant change before they are realised. The present value of the schemes' liabilities is derived from cash flow projections over long periods of time and is thus inherently uncertain. However, the tables above represent the Trustees' and the Actuary's best estimate of the deficit in the schemes at the dates referred to. Amount charged to operating profit Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------ United Kingdom - current service cost 129 123 265 Japan - current service cost 9 11 18 ------------------------------------------ 138 134 283 ========================================== Analysis of amount recognised in Consolidated Statement of Recognised Gains and Losses: Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------ United Kingdom: Actual return less expected return on pension scheme assets (462) 446 650 Experience gains and losses arising on scheme liabilities - (6) 1 Changes in assumptions underlying present value of scheme liabilities 1,959 (460) 1,104 ------------------------------------------ Net reduction in UK scheme 1,497 (20) 1,755 Japan: Actual return less expected return on pension scheme assets 3 (9) (3) Experience gains and losses arising on scheme liabilities - (1) - Changes in assumptions underlying present value of scheme liabilities - (1) (1) ------------------------------------------ Actuarial gain/(loss) in consolidated statement of total recognised gains and losses of the Group 1,500 (31) 1,751 ========================================== 8. TANGIBLE FIXED ASSETS -------------------------------------------------------------------------------------- Fixtures & Freehold equipment Total £'000 £'000 £'000 ------------------------------------------ Cost or valuation At 1st January 2006 25,356 9,030 34,386 Additions 172 1,030 1,202 Revaluation 832 - 832 ------------------------------------------ At 30th June 2006 26,360 10,060 36,420 ------------------------------------------ Depreciation At 1st January 2006 - (5,777) (5,777) Charge for period (180) (561) (741) Revaluation 180 - 180 ------------------------------------------ At 30th June 2006 - (6,338) (6,338) ------------------------------------------ Net book value at 30th June 2006 26,360 3,722 30,082 ========================================== At 30th June 2005 24,608 3,301 27,909 ========================================== At 31st December 2005 25,356 3,253 28,609 ========================================== The Group's tangible fixed assets are all located in the United Kingdom. The Group's Operational property was valued at 30th June 2006 by qualified professional valuers working for the company of DTZ Debenham Tie Leung, Chartered Surveyors, ('DTZ'), acting in the capacity of External Valuers. All such valuers are Chartered Surveyors, being members of the Royal Institution of Chartered Surveyors ('RICS'). The valuation was carried out in accordance with the RICS Appraisal and Valuation Standards 5th Edition ('the Manual') and the property was valued on the basis of Market Value. Market Value is defined in the Manual as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing, where the parties had each acted knowledgeably, prudently and without compulsion. The DTZ valuation is not qualified by any reference to existing or alternative use and implies the value to which a property will derive, having regard to its most valuable use. In valuing the retail store, DTZ have had regard to the valuation of the property as a fully equipped operational entity, and to its trading potential. The valuation therefore includes the land and buildings; the trade fixtures, fittings, furniture, furnishings and equipment; and the market's perception of the trading potential excluding personal goodwill; together with an assumed ability to renew existing licences, consents, certificates and permits. The value excludes consumables and stock in trade. The valuation excludes any goodwill associated with the management by the Company or its subsidiaries but recognises that the retail property asset would probably be sold as a trading entity. The fixed asset property valued by DTZ at 30th June 2006 totalled £28.5m. Other minor fixed assets, and the short leasehold properties of Liberty Plc are carried at the lower of cost and net realisable value in the table above. These fixed assets had a net book value of £1.6m at 30th June 2006. 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR --------------------------------------------------------------------------------------- 30th June 30th June 31st December 2006 2005 2005 £'000 £'000 £'000 ------------------------------------------- Bank overdraft 882 - - Trade creditors 6,360 8,124 7,711 Amounts due to fellow Group undertakings 145 567 138 Corporation tax 356 48 69 Other taxes and social security 752 223 1,015 Other creditors 503 704 650 Non-equity minority interest dividend payable 55 28 29 Accruals and deferred income 3,483 3,886 4,044 ------------------------------------------- 12,536 13,580 13,656 =========================================== 10. MOVEMENT ON RESERVES --------------------------------------------------------------------------------------- Profit Merger Revaluation and loss reserve Reserve Account £'000 £'000 £'000 ------------------------------------------- At 1st January 2006 61,503 5,418 (32,151) Loss retained for the period - - (2,005) Surplus arising on revaluation of properties - 1,012 - Actuarial gain on pension scheme - - 1,500 Currency translation differences on foreign currency net investments - - (48) Unpaid preference dividends - - 11 ------------------------------------------- At 30th June 2006 61,503 6,430 (32,693) =========================================== All reserves of the Group are attributable to equity shareholders' interests. 11. EQUITY SHAREHOLDERS FUNDS PER SHARE --------------------------------------------------------------------------------------- The equity shareholders' funds per share figures of the Group are calculated by dividing the equity shareholders' funds at the period end by the number of shares in issue at that date. They are calculated as follows:- 30th June 30th June 31st December 2006 2005 2005 £'000 £'000 £'000 ------------------------------------------- Equity shareholders' funds per consolidated balance sheet on page 10 of accounts 41,276 39,897 40,806 =========================================== '000 '000 '000 Number of shares in issue at period end 22,603 22,603 22,603 =========================================== Equity shareholders' funds per share 183p 177p 181p =========================================== 12. NET CASH OUTFLOW FROM OPERATING ACTIVITIES --------------------------------------------------------------------------------------- Six months Six months Year ended ended ended 30th June 30th June 30th June 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------- Operating loss (1,575) (1,545) (1,424) Depreciation 742 710 1,485 Loss on disposal of fixed assets - 127 - (Increase)/decrease in stock (242) 1,191 (419) Decrease/(increase) in debtors 56 (1,342) 1,214 Decrease in creditors (2,553) (9,175) (2,571) ------------------------------------------- Net cash outflow from operating activities (3,572) (10,034) (1,715) =========================================== 13. ANALYSIS OF NET CASH ------------------------------------------------------------------------------------------- 30th June Movement Foreign 31stDecember 2006 during currency 2005 period translation £'000 £'000 £'000 £'000 --------------------------------------------------------- Available cash (882) (1,746) (88) 952 Short term investments - (2,940) - 2,940 --------------------------------------------------------- Net cash (882) (4,686) (88) 3,892 ========================================================= 14. ACCOUNTS AND SECOND INTERIM REPORT ------------------------------------------------------------------------------------------- These unaudited second interim accounts of Liberty PLC for the six months ended 30th June 2006, the unaudited interim accounts of the Group for the six months ended 31st December 2005 and the audited accounts of the Group for the year ended 30th June 2005, are available from the Company Secretary, Filex Services Limited at the Company's registered office of 179 Great Portland Street, London W1W 5LS. This information is provided by RNS The company news service from the London Stock Exchange

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