LONDON, August 07, 2003 (PRIMEZONE) -- Old Mutual plc (Other OTC:ODMTF) (LSE:OML) Highlights
* Adjusted operating profit*: 395m (2002: 381m), an increase of 4% in Sterling R5,122m (2002: R6,059m), a decrease of 15% in Rand
* Operating profit: 378m (2002: 212m), an increase of 78% in Sterling R4,899m (2002: R3,376m), an increase of 45% in Rand
* Adjusted operating earnings per share*: 5.6p (2002: 5.8p), a decrease of 3% in Sterling 73.4c (2002: 92.9c), a decrease of 21% in Rand
* Basic earnings per share: 4.7p (2002: 3.3p), an increase of 42% in Sterling 61.1c (2002: 52.9c), an increase of 16% in Rand
* Life sales of 261m annual premium equivalent (2002: 288m)
* Total banking assets 22.3bn, adjusted operating profit 101m (2002: 128m)
* Total assets under management 128bn at 30 June 2003 (124bn at 31 December 2002)
* Adjusted embedded value: 4,059m (31 December 2002: 3,928m), an increase of 3% in Sterling R50,212m (31 December 2002: R54,267m), a decrease of 7% in Rand
* Interim dividend of 1.7p (2002: 1.7p) maintained, 21.0 cents in Rand**
Jim Sutcliffe, Chief Executive, commented: "We have produced solid earnings in the first half, although life assurance sales and margins were lower against a background of volatile market conditions. The impact of management action is coming through and the recent recoveries of the US, UK and South African equity markets from their low points earlier in the year hold out the prospect of better times ahead."
Wherever the items asterisked in the Highlights are used, whether in the Highlights, the Chief Executive's Statement or the Operating and Financial Review, the following apply:
* Adjusted operating profit represents operating profit before tax and minority interests based on a long term investment return before goodwill amortisation, write-down of investment in Dimension Data Holdings plc, Nedcor restructuring and integration costs and change in credit provisioning methodology. Adjusted operating earnings per share are similarly based, but are stated after tax and minority interests.
** Indicative only, being the Rand equivalent of 1.7p converted at the exchange rate prevailing on 30 June 2003. The actual amount to be paid by way of interim dividend to holders of shares on the South African branch register will be by reference to the exchange rate prevailing at the close of business on 2 October 2003, as determined by the Company, and will be announced on 3 October 2003.
Notes to editors: A webcast of the analysts presentation and Q&A will be broadcast live at 09.30am (UK time) on our website at www.oldmutual.com. High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk.