Old Mutual Plc - Nedcor Ltd Interim Results to 30t
Old Mutual Plc - Nedcor Ltd Interim Results to 30th June 2003
OLD MUTUAL PLC
PRESS RELEASE
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
Nedcor Ltd Interim Results to 30th June 2003
Important information relating to GAAP presentation
Nedcor Ltd. ("Nedcor"), the 53%-owned banking subsidiary of Old Mutual plc,
("Old Mutual") has today issued interim results for the six months ending 30th
June 2003. The full text of the Nedcor announcment 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.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
