Mutual & Federal - Amendment to Reviewed Financial
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED
Isin: ZAE000010823
Share code: MAF
Amendment to Reviewed Financial Results announcement
Attention is drawn to an announcement dated 11 February 2003 of reviewed
financial results for the year ended 31 December 2002.
Subsequent to this announcement, a decision was taken to change the accounting
policy regarding the treatment of Secondary Tax on Companies ("STC") for
purposes of the annual financial statements for the year ended 31 December 2002.
Previously STC was recognised directly in equity through the statement of
changes in equity. STC will now be treated as tax on income and disclosed as
part of the taxation charge in the income statement. This is consistent with
the revised AC102 - Income Taxes.
The impact of this change on basic and headline earnings as presented in the
results announcement are as follows:
31 Dec 31 Dec
02 01
R"m R"m
Net (loss)/income for the year
As stated in the preliminary results (100) 741
announcement (110) 666
As it will be stated in the annual
financial statements
Basic (loss)/earnings per share
(cents) (41) 307
As stated in the preliminary results (45) 276
announcement
As it will be stated in the annual
financial statements
Headline (loss)/earnings for the year
As stated in the preliminary results (79) 759
announcement (89) 684
As it will be stated in the annual
financial statements
Headline (loss)/earnings per share
(cents) (33) 314
As stated in the preliminary results (37) 283
announcement
As it will be stated in the annual
financial statements
On behalf of the Board
KTM Saggers (Chairman) B Campbell (Managing Director)
14 March 2003
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