Longboat Energy Regulatory News (LBE)

19 Sep 2006 07:01

Liberty PLC19 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 efficienciesand an enhanced customer experience which, together with the ongoing investmentin the Liberty of London brand, gives us confidence that we will delivershareholder value over the medium term. We also believe we are laying thefoundations for the creation of a serious global luxury goods brand from anincreasingly successful and iconic London retail landmark. Against thisbackground we view the future with cautious, but positive, optimism." RichardBalfour-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 REVIEWfor the six months ended 30th June 2006 I am pleased to report that the improvement in sales at Liberty's flagship storein the last quarter of 2005 has continued through the six months to the end ofJune 2006. What is even more pleasing is that this increase in sales has beenachieved despite the closing of our Regent Street building, resulting in a 20%reduction in floorspace within the flagship store for the last four months ofthe period. Today we have a stable and dynamic management team that is capable of deliveringgrowth and profitability. Their achievements are reflected in the continuingimprovements in performance of the company that I comment on below. From an operational perspective, the past six months have been characterised byconsolidation. As noted above, during the period we withdrew from our RegentStreet space and consolidated all our activities into the Tudor Building inGreat Marlborough Street. This has enabled us to adopt a more focused approachand concentrate on products that more accurately reflect our strategy of being aluxury branded goods emporium. As part of that strategy we have continued tobuild on last Autumn's launch of Liberty of London branded luxury goods, whichwas enthusiastically greeted by both the fashion media and public alike. Across the business, total net sales were stable at nearly £20m against thecomparable period last year. We are particularly pleased with this performanceagainst the current retail climate and after taking into account the disruptionto trade caused by relocating part of the business from Regent Street to ouradjoining 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 lastyear. At the heart of this improvement was a 11% higher conversion rate offootfall 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 excludinglast year's rental income of £0.6m and property profits of £2.4m. Once again, weregard this as strong evidence of the improved financial performance which isbeginning to become apparent in our results. After taking account of brand development costs incurred during this andprevious periods, all of which has been expensed rather than being carriedforward against earnings forecast to be produced from the brand, Libertyimproved its EBITDA for the period by £0.5m. During the period, the Group hasseen savings in interest costs of some £1.2m as a result of the Regent Streetsale completed in April 2005. Excluding the one-off profit on sale of the RegentStreet property last year, the Group's pre-tax loss improved by 44% from a lossof £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 bothmenswear and ladies accessories produced impressive double-digit growth over thesame period last year, while ladies fashions also increased sales by 7%. Therewas an equally impressive out-turn from the beauty division which generated thesame level of sales but from 27% less trading space. While our Home business sales volume has been lower than last year, it isimportant to appreciate that in the comparable period a large number of largeticket sales were achieved, although margins this year have been significantlyhigher. I am delighted to report that we have continued to build on the success of ourLiberty of London luxury brand. Sales are already matching those of the luxurymulti-brand accessories that once occupied the central atrium and we believe weare laying the foundations for a sustainable expansion over the next two yearsof our Liberty of London brand, both at home and abroad. Our strategy is toallocate the whole of the central atrium on the ground floor of the store to theLiberty of London brand, thus reinforcing our customers' view that Liberty isonce more an important "fashion destination". With the Liberty of London brand becoming firmly established here in London, ourintention is to start rolling out this concept internationally. This will startin Japan where our aim is to replicate the feel and ambience of our flagshipstore in conjunction with our trading partners, where they will be providing thetrading locations and we will be providing our branded Liberty of Londonproduct. We aim to have our Japanese joint venture in place by the beginning of2007, 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 thatthe key drivers are in place that will, once more, make Liberty a design focuseddestination retail centre that attracts a broader range of consumers than everbefore. The consolidation of our flagship business is now delivering both efficienciesand an enhanced customer experience which, together with the ongoing investmentin the Liberty of London brand, gives us confidence that we will delivershareholder value over the medium term. We also believe we are laying thefoundations for the creation of a serious global luxury goods brand from anincreasingly successful and iconic London retail landmark. Against thisbackground we view the future with cautious, but positive, optimism. Richard Balfour-LynnChairmanLiberty Plc19th September 2006 LIBERTY PLC OPERATING REVIEW During the six months ended 30th June 2006, Liberty Plc continued itstransformation into a dynamic retail destination, underpinned by a strong andexpanding retail brand. The historical trading and balance sheet performance ofLiberty 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 42,371Operating EBITDA before brand expenditure 252 (211) 1,711 Operating loss before profit on sale ofproperties and trademark, and before brand expenditure (490) (921) (1,494) Profit on disposal of properties andminor 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 42,371Cost 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 - - 1,720Other 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 activitiesbefore 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 1,902Actuarial gain/(loss) on pension scheme 7 1,500 (31) 1,751Currency 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 surplusrecorded in previous years - 13,266 -Reduction in depreciation charge for the period based on historical cost of propertiesheld 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 39,897Loss 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 1,902Actuarial gain/(loss) on pension scheme 1,500 (31) 1,751Currency translation differences on foreigncurrency 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 assetsIntangible asset 18,200 18,200 18,200Tangible assets 8 30,082 27,909 28,609 ------------------------------------------- 48,282 46,109 46,809 ------------------------------------------- Current assets Stocks 7,073 6,653 6,830Debtors 6,928 8,141 6,984Cash - 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 4,050Total 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 49,113Pension 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 6,036Merger reserve 10 61,503 61,503 61,503Revaluation reserve 10 6,430 4,528 5,418Profit and loss account 10 (32,693) (32,170) (32,151) ------------------------------------------- Total equity shareholders' funds 41,276 39,897 40,806Equity 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 accountingreference date from 30th June to 31st December. Accordingly, these secondinterim accounts are for the six months ended 30th June 2006 with comparativeinformation for the six months ended 30th June 2005 and the 12 months ended 30thJune 2006. These accounts incorporate the results of Liberty Plc and its subsidiaryundertakings. The results have been prepared on the basis of the accountingpolicies 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 newAccounting Standards that became effective since 1st July 2005. These weredisclosed in the first set of interim accounts for the six months ended 31stDecember 2005. No new accounting standards have become effective since thatdate. 2. DIVISIONAL ANALYSIS------------------------------------------------------------------------------------Turnover represents the amounts charged to third party customers for goods andservices, less returns, and excluding value added tax. Sales by concessiondepartments are included in turnover on a commission only basis. Six months Six months Year ended ended ended 30th June 30th June 30th JuneTurnover 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 48,530Less concession turnover netof commission (2,840) (2,379) (6,159) -----------------------------------------Net turnover 19,976 20,065 42,371 ========================================= Operating (loss)/profit on ordinaryactivities 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 theresults of the UK and Japanese fabric businesses. The Retail loss on ordinary activities before interest and taxation includes netrental 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. Thishas been reflected in the profit and loss account for the year ended 30th June2006 as an exceptional item because of its size. The proceeds received were usedto 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 taxUK corporation tax on UK results - (218) - Overseas taxWithholding 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 ofapproximately £26m. At the same date, it had trading losses carried forwards ofapproximately £27m. These tax assets are available for offset against UK tradingprofits 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 preferenceshares are currently in arrears of dividend of 6 years. Payment of £139,000 willbe 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 andminority interests for the period, by the weighted average number of sharesin 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 sharesin 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 pricefor the year and therefore no adjustment to the earnings is necessary in respectof shares under option. The shares under option may in the future diluteearnings per share, and be reported as a diluted loss per share, but they wereanti-dilutive for the periods above and are therefore not included in thecalculation of the diluted loss per share. 7. PENSIONS-------------------------------------------------------------------------------------Overall summary Liberty operates a defined contribution pension scheme and two defined benefitpension schemes. One of these defined benefit schemes is for certain UKemployees of its wholly owned subsidiary Liberty Retail Plc and has been closedto new entrants since February 2002. The other is a minor scheme for theJapanese subsidiary of Liberty Plc. The assets of all pension schemes of the Group are held in separate trustadministered funds. The total pension charge of the Group for the six monthsended 30th June 2006 was £231,000 (year ended 30th June 2006: £489,000). At 30thJune 2006 £34,000 was due by the Group to the UK pension scheme, which was paidshortly after the period end. Movement of deficit in the UK defined benefit pension scheme of Liberty RetailPlc The movement in the UK defined benefit pension scheme during the year was asfollows:- 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 asfollows:- 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 theshort term and may be subject to significant change before they are realised.The present value of the schemes' liabilities is derived from cash flowprojections over long periods of time and is thus inherently uncertain. However,the tables above represent the Trustees' and the Actuary's best estimate of thedeficit 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 265Japan - 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 pensionscheme assets (462) 446 650Experience gains and losses arising on scheme liabilities - (6) 1Changes in assumptions underlying presentvalue 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 presentvalue 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 valuationAt 1st January 2006 25,356 9,030 34,386Additions 172 1,030 1,202Revaluation 832 - 832 ------------------------------------------At 30th June 2006 26,360 10,060 36,420 ------------------------------------------ DepreciationAt 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 valueat 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. TheGroup's Operational property was valued at 30th June 2006 by qualifiedprofessional valuers working for the company of DTZ Debenham Tie Leung,Chartered Surveyors, ("DTZ"), acting in the capacity of External Valuers. Allsuch valuers are Chartered Surveyors, being members of the Royal Institution ofChartered Surveyors ("RICS"). The valuation was carried out in accordance with the RICS Appraisal andValuation Standards 5th Edition ("the Manual") and the property was valued onthe basis of Market Value. Market Value is defined in the Manual as theestimated amount for which a property should exchange on the date of valuationbetween a willing buyer and a willing seller in an arm's-length transactionafter proper marketing, where the parties had each acted knowledgeably,prudently and without compulsion. The DTZ valuation is not qualified by anyreference to existing or alternative use and implies the value to which aproperty will derive, having regard to its most valuable use. In valuing theretail store, DTZ have had regard to the valuation of the property as a fullyequipped 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 ofthe trading potential excluding personal goodwill; together with an assumedability to renew existing licences, consents, certificates and permits. Thevalue excludes consumables and stock in trade. The valuation excludes any goodwill associated with the management by theCompany or its subsidiaries but recognises that the retail property asset wouldprobably be sold as a trading entity. The fixed asset property valued by DTZ at 30th June 2006 totalled £28.5m. Otherminor fixed assets, and the short leasehold properties of Liberty Plc arecarried at the lower of cost and net realisable value in the table above. Thesefixed 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 7,711Amounts due to fellow Group undertakings 145 567 138Corporation tax 356 48 69Other taxes and social security 752 223 1,015Other creditors 503 704 650Non-equity minority interest dividend payable 55 28 29Accruals 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 - - 1,500Currency translation differences onforeign 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 bydividing the equity shareholders' funds at the period end by the number ofshares 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 consolidatedbalance sheet on page 10 of accounts 41,276 39,897 40,806 =========================================== '000 '000 '000Number 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 1,485Loss on disposal of fixed assets - 127 -(Increase)/decrease in stock (242) 1,191 (419)Decrease/(increase) in debtors 56 (1,342) 1,214Decrease 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) 952Short 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 ended30th June 2006, the unaudited interim accounts of the Group for the six monthsended 31st December 2005 and the audited accounts of the Group for the yearended 30th June 2005, are available from the Company Secretary, Filex ServicesLimited at the Company's registered office of 179 Great Portland Street, LondonW1W 5LS. This information is provided by RNS The company news service from the London Stock Exchange