Interim Results - Part 2
Old Mutual PLC
12 August 2002
PART 2
Consolidated profit and loss account
for the six months ended 30 June 2002
£m Rm
Notes 6 6 months to Year to 6 months 6 months to Year to
months 30 June 2001 31 December to 30 30 June 2001 31 December
to 30 (restated) 2001 June 2002 (restated) 2001
June (restated) (restated)
2002
South Africa
Technical 97 137 249 1,541 1,565 3,085
result
Long term 63 78 148 1,000 891 1,830
investment
return
Life assurance 5(b)(iii) 160 215 397 2,541 2,456 4,915
Asset 5(c) 13 18 37 207 206 458
management
Banking 5(d) 99 135 290 1,579 1,525 3,593
General 5(e) 19 24 46 308 274 570
insurance
291 392 770 4,635 4,461 9,536
United States
Life assurance 5(b)(iii) 33 - 13 524 - 161
Asset 5(c) 60 64 116 951 730 1,437
management
93 64 129 1,475 730 1,598
United Kingdom
and Rest of
World
Life assurance 5(b)(iii) (3) 3 (2) (47) 34 (25)
Asset 5(c) 5 8 (3) 80 91 (38)
management
Banking 5(d) 29 33 79 456 393 979
31 44 74 489 518 916
415 500 973 6,599 5,709 12,050
Other 5(f) (9) (10) (29) (143) (114) (359)
shareholders'
income /
(expenses)
Debt service (25) (35) (67) (397) (400) (830)
costs
Write-down of 5(f) - - (21) - - (260)
strategic
investments
Operating 5(a) 381 455 856 6,059 5,195 10,601
profit based on
a long term
investment
return before
goodwill
amortisation
and impairment,
write-down of
investment in
Dimension Data
Holdings plc
and short term
fluctuations in
investment
return
Goodwill 10 (55) (69) (132) (873) (788) (1,636)
amortisation
Goodwill 10 - - (500) - - (6,196)
impairment
Write-down of 7 (52) (304) (269) (830) (3,467) (3,334)
investment in
Dimension Data
Holdings plc
Short term 6 (62) 94 126 (980) 1,073 1,561
fluctuations in
investment
return
Operating 212 176 81 3,376 2,013 996
profit on
ordinary
activities
before tax
Non-operating 9 38 - - 603 - -
items
Profit on 250 176 81 3,979 2,013 996
ordinary
activities
before tax
Tax on profit 8 (97) (128) (319) (1,540) (1,462) (3,948)
on ordinary
activities
Profit / (loss) 153 48 (238) 2,439 551 (2,952)
on ordinary
activities
after tax
Minority (32) 68 (26) (508) 777 (322)
interests
Profit / (loss) 121 116 (264) 1,931 1,328 (3,274)
for the
financial
period
Dividends paid 4 (63) (59) (172) (998) (674) (2,606)
and proposed
Retained profit 58 57 (436) 933 654 (5,880)
/ (loss) for
the financial
period
Earnings per p c
share
Operating 3 5.8 7.2 12.1 92.9 82.4 149.1
earnings per
share after tax
and minority
interests based
on a long term
investment
return before
goodwill
amortisation
and impairment,
write-down of
investment in
Dimension Data
Holdings plc
and short term
fluctuations in
investment
return
Basic earnings 3 3.3 3.4 (7.4) 52.9 38.4 (92.2)
per share
Diluted 3 3.2 3.3 (7.4) 51.0 37.6 (92.2)
earnings per
share
Dividend per 4 1.7 1.7 4.8 26.9* 22.2 72.3
share
Weighted 3,652 3,457 3,550 3,652 3,457 3,550
average number
of shares -
millions
* Indicative only - the actual amount of the dividend per share in Rand will be
determined by reference to the exchange rate prevailing on 3 October 2002 and
announced by the Company on 4 October 2002.
Consolidated statement of total recognised gains and losses
for the six months ended 30 June 2002
£m Rm
6 months 6 months to 30 Year to 6 months to 6 months to 30 Year to
to 30 June 2001 31 December 30 June 2002 June 2001 31 December
June 2002 (restated) 2001 (restated) 2001
(restated) (restated)
Profit / 121 116 (264) 1,931 1,328 (3,274)
(loss) for
the financial
period
Foreign 117 (5) (964) (2,069) 77 4,697
exchange
movements
Total 238 111 (1,228) (138) 1,405 1,423
recognised
gains /
(losses)
relating to
the period
Reconciliation of movements in consolidated equity shareholders' funds
for the six months ending 30 June 2002
£m Rm
Notes 6 months 6 months to Year to 6 months 6 months to Year to
to 30 30 June 2001 31 December to 30 30 June 2001 31 December
June 2002 (restated) 2001 June 2002 (restated) 2001
(restated) (restated)
Total recognised 238 111 (1,228) (138) 1,405 1,423
gains and losses
for the period
Dividends paid 4 (63) (59) (172) (998) (674) (2,606)
and proposed
175 52 (1,400) (1,136) 731 (1,183)
Issue of new 39 - - 619 - -
capital
Issue of new - - 203 - - 2,690
capital in
connection with
the acquisition
of Fidelity &
Guaranty Life
Shares issued - - 5 - - 61
under option
schemes
Proceeds from - 4 3 - 46 37
sale of shares
previously held
to satisfy claims
and errors on
demutualisation
and issue of new
shares
Net addition to / 214 56 (1,189) (517) 777 1,605
(reduction in)
equity
shareholders'
funds
Equity 2,470 3,659 3,659 43,045 41,440 41,440
shareholders'
funds at the
beginning of the
period
Equity 2,684 3,715 2,470 42,528 42,217 43,045
shareholders'
funds at the end
of the period
Consolidated balance sheet
at 30 June 2002
£m Rm
Notes At At At At At At
30 June 2002 31 December 30 June 30 June 2002 31 December 30 June
2001 2001 2001 2001
(restated) (restated)
Intangible assets
Goodwill 10 1,561 1,580 2,379 24,734 27,537 27,034
Insurance and
other assets
Investments 17,729 17,300 17,265 280,918 301,514 196,189
Assets held to 4,337 4,415 5,727 68,720 76,947 65,078
cover linked
liabilities
Reinsurers' share 351 463 148 5,562 8,069 1,682
of technical
provisions
Debtors 9,186 8,177 9,552 145,553 142,514 108,543
Other assets 1,011 820 761 16,019 14,291 8,649
Cash at bank and 635 475 573 10,062 8,279 6,511
in hand
Prepayments and 226 265 184 3,581 4,618 2,091
accrued income
Total insurance 33,475 31,915 34,210 530,415 556,232 388,743
and other assets
Banking assets
Cash and balances 961 630 1,294 15,227 10,980 14,704
at central banks
Treasury bills 581 653 619 9,210 11,372 7,034
and other
eligible bills
Loans and 468 649 468 7,416 11,313 5,318
advances to banks
Loans and 8,920 7,797 10,956 141,338 135,884 124,497
advances to
customers
Debt securities 724 725 620 11,472 12,648 7,045
Equity securities 209 225 317 3,312 3,921 3,602
Interest in 122 118 217 1,933 2,057 2,466
associated
undertakings
Other assets 299 253 398 4,734 4,407 4,523
Prepayments and 341 259 417 5,403 4,517 4,739
accrued income
Total banking 12,625 11,309 15,306 200,045 197,099 173,928
assets
Total assets 47,661 44,804 51,895 755,194 780,868 589,705
Consolidated balance sheet continued
at 30 June 2002
£m Rm
Notes At At At At At At
30 June 31 December 30 June 30 31 December 2001 30 June
2002 2001 2001 June 2001
(restated) 2002 (restated)
Capital
and
reserves
Called up 378 374 355 5,989 6,517 4,034
share
capital
Share 551 516 512 8,731 8,993 5,818
premium
account
Merger 184 184 - 2,915 3,205 -
reserve
Profit and 1,571 1,396 2,848 24,893 24,330 32,365
loss
account
Equity 2,684 2,470 3,715 42,528 43,045 42,217
shareholders'
funds
Minority 617 565 904 9,776 9,847 10,273
interests
Subordinated 21 22 26 333 383 295
liabilities
Insurance
and other
liabilities
Technical 16,023 14,480 14,101 253,886 252,366 160,235
provisions
Technical 4,337 4,415 5,727 68,720 76,947 65,078
provisions
for linked
liabilities
Provisions 428 341 268 6,782 5,944 3,045
for other
risks and
charges
Creditors 10,456 10,486 11,703 165,676 182,757 132,986
Amounts 11 857 897 741 13,580 15,633 8,421
owed to
credit
institutions
Convertible 11(a) 420 439 448 6,655 7,651 5,091
loan stock
Accruals 170 234 212 2,694 4,079 2,409
and
deferred
income
Total 32,691 31,292 33,200 517,993 545,377 377,265
insurance
and other
liabilities
Banking
liabilities
Deposits 1,144 1,862 1,708 18,133 32,454 19,409
by banks
Customer 8,668 6,802 10,110 137,345 118,550 114,884
accounts
Debt 1,060 986 1,338 16,790 17,183 15,204
securities
in issue
Other 476 501 637 7,548 8,729 7,238
liabilities
Provision 104 84 122 1,648 1,471 1,386
for
liabilities
and
charges
Subordinated 196 220 135 3,100 3,829 1,534
liabilities
Total 11,648 10,455 14,050 184,564 182,216 159,655
banking
liabilities
Total 47,661 44,804 51,895 755,194 780,868 589,705
liabilities
Consolidated cash flow statement
for the six months ended 30 June 2002
£m Rm
6 months 6 months Year to 6 months to 30 6 Year to
to 30 to 30 31 December June 2002 months 31 December 2001
June June 2001 2001 to 30
2002 June
2001
Net cash inflow 608 759 864 9,664 8,669 10,708
from operating
activities
Net cash (41) (61) (183) (651) (697) (2,268)
outflow from
returns on
investments and
servicing of
finance
(including
dividends paid
to minority
interests)
Total tax paid (129) (232) (269) (2,049) (2,650) (3,334)
Net cash (39) (57) (152) (619) (651) (1,884)
outflow from
capital
expenditure and
financial
investment
Net cash inflow 80 (124) (316) 1,270 (1,417) (3,916)
/ (outflow)
from
acquisitions
and disposals
Equity dividend (110) (108) (167) (1,747) (1,233) (2,070)
paid
Net cash inflow 5 42 676 79 480 8,377
from financing
activities
Net cash inflow 374 219 453 5,947 2,501 5,613
of the Group
excluding long
term business
Cash flows
relating to
insurance
activities were
invested as
follows:
Increase in 106 38 63 1,677 434 781
cash holdings
Increase in net 1 21 543 23 240 6,729
portfolio
investments
107 59 606 1,700 674 7,510
Cash flows
relating to
banking
activities were
invested as
follows:
Increase / 267 160 (153) 4,247 1,827 (1,897)
(decrease) in
cash and
balances at
central banks
Net cash inflow 374 219 453 5,947 2,501 5,613
of the Group
excluding long
term business
Reconciliation
of operating
profit to
operating cash
flow
Profit from 181 14 7 2,879 163 80
insurance and
other
activities
Profit from 69 162 74 1,100 1,850 916
banking
activities
Profit on 250 176 81 3,979 2,013 996
ordinary
activities
before tax
Write-down of 52 304 269 830 3,467 3,334
investment in
Dimension Data
Holdings plc
Unrealised 35 129 (103) 552 1,473 (1,276)
investment
losses /
(gains)
Insurance and 82 44 947 1,302 503 11,741
other
activities
non-cash flow
items
Banking 189 106 (330) 3,001 1,213 (4,087)
non-cash flow
items
Net cash inflow 608 759 864 9,664 8,669 10,708
from operating
activities
The cash flows presented in this statement exclude all cash flows relating to
policyholder funds for the long term business.
This information is provided by RNS
The company news service from the London Stock Exchange
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