LIBERTY INVESTMENT TRUST LTD
Audited results for the year ended 30 September 2005
INCOME STATEMENT Yr 30.09.05 Yr 30.09.04 CASH  FLOW  STATEMENT   Yr 30.09.05 Yr 30.09.04
Rs 000 Rs 000 Rs 000 Rs 000
OPERATING ACTIVITIES
Investment Income 7,954 6,031 Cash generated from operations 4,581 3,370
Realised gain on disposal of available- Tax paid (58) (45)
for-sale securities 9,356 1,827 Net cash generated from operating activities 4,523 3,325
(Loss)/gain on Exchange (491) 36 INVESTING ACTIVITIES
Proceeds on maturity of Treasury Bills                      - 3,591
Expenditure (2,631) (2,362) Purchase of investment in securities (23,609) (1,085)
Proceeds from disposal of investment in securities 26,881 5,193
Profit before income tax 14,188 5,532 Net cash generated from investing activities 3,272 7,699
Income tax (148) (58) FINANCING ACTIVITY
Dividends paid (5,775) (5,250)
Net profit 14,040 5,474
Increase in cash and cash equivalents 2,020 5,774
BALANCE SHEET Yr 30.09.05 Yr 30.09.04 MOVEMENT IN CASH AND CASH EQUIVALENTS
Rs 000 Rs 000 At October 1, 13,972 8,198
ASSETS EMPLOYED Increase 2,020 5,774
Non-Current Assets At September 30,
Investment property 7,481 7,481 15,992 13,972
Investment in securities 149,007 117,827
156,488 125,308 STATEMENT OF CHANGES IN EQUITY
Current Assets SHARE SHARE FAIR VALUE RETAINED
Investment in securities             1,489                      - CAPITAL PREMIUM & OTHER EARNINGS TOTAL
Trade and other receivables                334                265 RESERVES
Bank balances 15,992 13,972 Rs 000 Rs 000 Rs 000 Rs 000 Rs 000
17,815 14,237 Balance at October  1, 2003 52,500 2,384 (1,020)          54,013 107,877
Increase in fair value                      -                      - 27,091                      - 27,091
Total Assets Rs 174,303 139,545 Release to income statement                      -                      - (1,655)                      - (1,655)
Exchange differences                      -                      - (216)                      - (216)
Dividends                      -                      -                      - (5,775) (5,775)
EQUITY AND LIABILITIES Profit for the year                      -                      -                      -             5,474 5,474
Capital and Reserves
Share capital 52,500 52,500 Balance at September 30, 2004 52,500 2,384 24,200 53,712 132,796
Share premium 2,384 2,384
Fair value & other reserves 50,710 24,200 Balance at October  1, 2004 52,500 2,384 24,200          53,712 132,796
Retained earnings 61,452 53,712 Increase in fair value                      -                      - 30,815                      - 30,815
Shareholders' interest 167,046 132,796 Release to income statement                      -                      - (5,793)                      - (5,793)
Exchange differences                      -                      - 1,488                      - 1,488
Current Liabilities Dividends                      -                      -                      - (6,300) (6,300)
Trade and other payables 809 916 Profit for the year                      -                      -                      -          14,040 14,040
Current tax liabilities 148 58
Proposed dividends 6,300 5,775 Balance at September 30, 2005 52,500 2,384 50,710 61,452 167,046
7,257 6,749
Total Equity and Liabilities Rs 174,303 139,545
STATISTICS        
Earnings per share (Rs.)  2.67 1.04
Number of shares in issue 5,250,000 5,250,000
Dividends per share - Final (Rs.)               1.20               1.10
Net Asset Value per share (NAV) (Rs.)   31.82   25.29
Text Box: NOTES 1. The financial information set out above for the year ended September 30, 2005 are 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. 5. Net Asset Value and Investment at 30 September 2005 Net Asset Value per share has increased to Rs 31.82 from an opening NAV of Rs 25.29, representing an increase of +25.8% for the year.The local investments posted a capital return of +33.9% against a Semdex performance of +26.0% and the SEM-7 of +33.2%. The foreign funds returned an overall +32.1% against a performance of +26.6% for the MSCI World Index in rupee terms. 6. Results Profit before income tax increased by +156.5% to Rs 14.2m (2004-Rs 5.5m) while earnings per share increased by +156.7% to Rs 2.67 (2004-Rs 1.04). By order of the Board Reena Kowlessur Registered Office Secretary Rogers House, 5 President John Kennedy Street 12 December 2005 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
Proceeds on maturity of Treasury Bills                      - 3,591 Expenditure (2,631) (2,362) Purchase of investment in securities (23,609) (1,085) Proceeds from disposal of investment in securities 26,881 5,193 Profit before income tax 14,188 5,532 Net cash generated from investing activities 3,272 7,699 Income tax (148) (58) FINANCING ACTIVITY Dividends paid (5,775) (5,250) Net profit 14,040 5,474 Increase in cash and cash equivalents 2,020 5,774 BALANCE SHEET Yr 30.09.05 Yr 30.09.04 MOVEMENT IN CASH AND CASH EQUIVALENTS Rs 000 Rs 000 At October 1, 13,972 8,198 ASSETS EMPLOYED Increase 2,020 5,774 Non-Current Assets At September 30, Investment property 7,481 7,481 15,992 13,972 Investment in securities 149,007 117,827 156,488 125,308 STATEMENT OF CHANGES IN EQUITY Current Assets SHARE SHARE FAIR VALUE RETAINED Investment in securities             1,489                      - CAPITAL PREMIUM & OTHER EARNINGS TOTAL Trade and other receivables                334