Nedcor Interim Results

RNS Number:0635O
Old Mutual PLC
29 July 2003

                                 Old Mutual plc
                                      OML.L



                Nedcor Limited Interim Results to 30th June 2003
              Important information relating to GAAP presentation



Nedcor Limted. (NED.SJ) ("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 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.



                                                                    29 July 2003



Enquiries:


Old Mutual plc, London                                     Tel: [phone]
James Poole
Old Mutual, South Africa                                    Tel: [phone]
Nad Pillay






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