LONDON, United Kingdom, July 29, 2003 (PRIMEZONE) -- Nedcor Limited. (Other OTC:NDCRF) (NED.SJ) ("Nedcor"), the 53%-owned banking subsidiary of Old Mutual plc (Other OTC:ODMTF) (LSE:OML), ("Old Mutual") has today issued interim results for the six months ending 30th June 2003. The full text of the Nedcor announcement is available via the news service of the JSE Securities Exchange, South Africa, (SENS), or from the company's website www.oldmutual.com .The unaudited Nedcor results have been prepared in accordance with Generally Accepted Accounting Principles currently applicable in South Africa ("SA GAAP"). For the 2003 reporting year these SA GAAP has been modified due primarily to the implementation of AC133, which is a new reporting standard for financial instruments substantially based upon draft International Accounting Standard 39.
Shareholders should therefore be aware that there are fundamental differences between SA GAAP and the UK reporting standards, adopted by Old Mutual, which is UK GAAP. Old Mutual will report interim results for the six months to 30th June 2003 on 7th August 2003. In the Old Mutual interim accounts the results of Nedcor will be incorporated in the reporting of the Group accounts in accordance with UK GAAP and therefore there will be a number of adjustments in presentation.
In accordance with the AC 133 transitional arrangements, certain adjustments are made directly to reserves in the 30th June 2003 Nedcor accounts and do not flow through the profit and loss account in deriving headline and attributable earnings. These items will be excluded in the Old Mutual Group 30th June 2003 accounts, with the exception being in relation to changes in credit provisioning methodology. The revised methodology for credit provisioning is acceptable for UK GAAP and it will therefore be adopted in the preparation of the Old Mutual Group accounts. The opening balance adjustment will be taken through Old Mutual's profit and loss account, but excluded from the Group's smoothed result.