LIBERTY INVESTMENT TRUST LTD
Audited results for the year ended 30 September 2006
INCOME STATEMENT Yr 30.09.06 Yr 30.09.05 CASH  FLOW  STATEMENT   Yr 30.09.06  Yr 30.09.05
Rs 000 Rs 000 Rs 000 Rs 000
OPERATING ACTIVITIES
Investment Income 7,300 7,954 Cash generated from operations 4,438 4,581
Realised gain on disposal of available- Tax paid (148) (58)
for-sale securities 26,668 9,356 Net cash generated from operating activities 4,290 4,523
Rental income 513                      - INVESTING ACTIVITIES
Proceeds on maturity of Treasury Bills 1,500                      -
Loss on exchange (831) (491) Purchase of investment in securities (33,576) (23,609)
Proceeds from disposal of investment in securities 56,345 26,881
Expenditure (2,961) (2,631) Net cash generated from investing activities 24,269 3,272
Profit before income tax 30,689 14,188 FINANCING ACTIVITY
Dividends paid (6,300) (5,775)
Income tax (11) (148)
Increase in cash and cash equivalents 22,260 2,020
Net profit 30,678 14,040
MOVEMENT IN CASH AND CASH EQUIVALENTS
At October 1, 15,992 13,972
BALANCE SHEET Yr 30.09.06 Yr 30.09.05 Increase 22,260 2,020
Rs 000 Rs 000 At September 30,
ASSETS EMPLOYED 38,252 15,992
Non-Current Assets
Investment property                           - 7,481
Investment in securities 139,558 149,007
139,558 156,488 STATEMENT OF CHANGES IN EQUITY
Current Assets SHARE SHARE FAIR VALUE RETAINED
Investment in securities                  1,486             1,489 CAPITAL PREMIUM & OTHER EARNINGS TOTAL
Trade and other receivables                  4,860                334 RESERVES
Bank balances 38,252 15,992 Rs 000 Rs 000 Rs 000 Rs 000 Rs 000
44,598 17,815 Balance at October  1, 2004 52,500 2,384 24,200          53,712 132,796
Increase in fair value                      -                      - 30,815                      - 30,815
Non-current asset classified as held for sale 7,481                      - Release to income statement                      -                      - (5,793)                      - (5,793)
Exchange differences                      -                      - 1,488                      - 1,488
Total Assets Rs 191,637 174,303 Dividends                      -                      -                      - (6,300) (6,300)
Profit for the year                      -                      -                      -          14,040 14,040
EQUITY AND LIABILITIES Balance at September 30, 2005 52,500 2,384 50,710 61,452 167,046
Capital and Reserves
Share capital 52,500 52,500 Balance at October  1, 2005 52,500 2,384 50,710          61,452 167,046
Share premium 2,384 2,384 Increase in fair value                      -                      - 12,855                      - 12,855
Fair value & other reserves 43,619 50,710 Release to income statement                      -                      - (25,544)                      - (25,544)
Retained earnings 85,304 61,452 Exchange differences                      -                      - 5,598                      - 5,598
Shareholders' interest 183,807 167,046 Dividends                      -                      -                      - (6,825) (6,825)
Profit for the year                      -                      -                      -          30,678 30,678
Current Liabilities
Trade and other payables 994 809 Balance at September 30, 2006 52,500 2,384 43,619 85,304 183,807
Current tax liabilities 11 148
Proposed dividends 6,825 6,300
7,830 7,257
Total Equity and Liabilities Rs 191,637 174,303
STATISTICS        
Earnings per share (Rs.)  5.84 2.67
Number of shares in issue 5,250,000 5,250,000
Dividends per share - Final (Rs.)                    1.30               1.20
Net Asset Value per share (NAV) (Rs.)   35.01   31.82
Text Box: NOTES 1. The financial information set out above for the year ended September 30, 2006 is audited. 2. Basis of preparation The Financial Statements are prepared in accordance with International Financial Reporting Standards. 3. Investment in securities a) Available-for-sale securities Available-for-sale securities are measured at subsequent reporting dates at fair value. Unrealised gains or losses on such securities are recognised directly in equity, until the security is disposed of or found to be impaired at which time the cumulative gain or loss previously recognised in equity is included in the Income Statement for the period. On disposal, the profit or loss recognised in the Income Statement is the difference between the proceeds and the carrying amount of the asset. b) Held-to-maturity securities Held to maturity securities are measured at subsequent reporting dates at amortised cost. 4. Investment Property Investment property, which is property held to earn rentals, is stated at fair value at the balance sheet date. Gains or losses arising from changes in fair value of investment property are included in the net profit or loss for the period in which they arise. Following a decision of the Board of Directors' on 18 May, 2006 to dispose of the investment property, the investment property has been reclassified as Non-Current Assets Held-for-Sale. 5. Net Asset Value ("NAV") and Investment at 30 September 2006 NAV per share (including dividends declared) increased to Rs 36.31 from an opening NAV of Rs 31.82, representing an increase of 14.1%. After accounting for the payment of dividends, NAV per share amounted to Rs 35.01. Local investments posted a capital return of 14% against a SEMDEX performance of 15.9% while foreign funds returned an overall 21.7% against 23.2% for the MSCI World Index in rupee terms. In line with the winding up of the Company in September 2008, the fixed income element has been increased to an average of 20% during the year under review. 6. Results Profit before income tax increased by 116.3% to Rs 30.7m (2005-Rs 14.2m) while earnings per share increased by 118.7% to Rs 5.84 (2005-Rs 2.67). By order of the Board Reena Kowlessur Registered Office Secretary Rogers House, 5 President John Kennedy Street 27 December 2006 Port Louis, Mauritius Investment Manager Transfer Secretaries Cim Asset Management Ltd Mauritius Computing Services Ltd, 18 Edith Cavell Street Port Louis, Mauritius Copies of the abridged audited financial statements are available free of charge at the Registered Office. These statements are issued pursuant to Listing Rule 12.20. The Board of Directors of Liberty Investment Trust Ltd accepts full responsibility for the accuracy of the information contained in the audited abridged financial statements.
NOTES
1.  The financial information set out above for the year ended September 30, 2003 are audited.
2. Basis of preparation
International accounting standards are being applied in full for the first time .  Where necessary comparative
figures have been amended to conform with change in presentation in the current year. 
3. Investment in securities
a) Available for sale securities
Available for sale investments are measured at subsequent reporting dates at fair value.  Unrealised gains or
losses on such securities are recognised directly in equity,  until the security is disposed of or found to be impaired
at which time the cumulative gain or loss previously recognised in equity is included in the Income Statement  for the
period.  On disposal,  the profit or loss recognised in the Income Statement is the difference between the proceeds and
the carrying amount of the asset.
b) Held to maturity debt securities
Held to maturity securities are measured  at subsequent reporting dates at amortised cost.
4. Investment Property
Investment property,  which is property held to earn rentals is stated at fair value at the balance sheet date.  Gains or
losses arising from changes in fair vaue of investment property are included in the net profit or loss for the period in
which they arise.
5. Copies of the abridged audited financial statement are available free of charge at the Registered Office.
 FINANCIAL COMMENTARY FOR YEAR ENDED 30 SEPTEMBER 2003
INVESTMENTS AND NET ASSET VALUE AT 30 SEPTEMBER 2003
Net Asset Value per share has increased to Rs 20.55 from a restated opening NAV of Rs 17.35.  This represents an increase of 18.4% for the year against a Semdex performance of +30.2% and the SEM 7 of +32.5%. 
INCOME
Net income before tax increased by 24.2% to Rs 4.66m while earnings per share amounted to Rs 0.88 (2002-Rs 0.70).  Earnings per share are up 25.7% for the year. 
By order of the board
Aruna Radhakeesoon Registered Office
Secretary Rogers House,
5 President John Kennedy St
xx December 2003 Port Louis, Mauritius
Investment Manager Transfer Secretaries
Tomfin Asset Management Ltd Mauritius Computing Services Ltd,
18 Edith Cavell Street
> Net cash generated from investing activities 24,269 3,272 Profit before income tax 30,689 14,188 FINANCING ACTIVITY Dividends paid (6,300) (5,775) Income tax (11) (148) Increase in cash and cash equivalents 22,260 2,020 Net profit 30,678 14,040 MOVEMENT IN CASH AND CASH EQUIVALENTS At October 1, 15,992 13,972 BALANCE SHEET Yr 30.09.06 Yr 30.09.05 Increase 22,260 2,020 Rs 000 Rs 000 At September 30, ASSETS EMPLOYED 38,252 15,992 Non-Current Assets Investment property                           - 7,481 Investment in securities 139,558 149,007 139,558 156,488 STATEMENT OF CHANGES IN EQUITY Current Assets