REG - Old Mutual Ltd - Trading Statement

Old MutualAnnouncement

11/08/2022 07:00

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RNS Number : 6335V  Old Mutual Limited  11 August 2022

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

("Old Mutual" or "Company" or "Group")

 

Ref 37/22

11 August 2022

 

OLD MUTUAL TRADING STATEMENT FOR THE PERIOD ENDED 30 June 2022

 

Investors are advised that Old Mutual is currently in the process of
finalising its interim results for the period ended 30 June 2022 ("current
period"), which will be released on the Stock Exchange News Service of the JSE
Limited on Tuesday, 30 August 2022. This trading statement provides an
indication of a range for headline earnings per ordinary share (HEPS) and
earnings attributable to equity holders of the Group per ordinary share (EPS)
in terms of paragraph 3.4(b) of the JSE Limited Listings Requirements compared
to the period ended 30 June 2021 ("comparative period").

 

Investors are advised that the Group's key profit measures are expected to be
within the ranges outlined below:

 

 Key Performance Indicators                                        Unaudited results for six months ended

 (R million unless stated otherwise)   Estimated   Estimated

                                       % change    30 June 2022    30 June 2021
 Results from Operations (RFO)         77% - 97%   3 878 - 4 316   2 190
 Adjusted Headline Earnings (AHE)      (17%) - 3%  2 400 - 2 980   2 899
 AHEPS (cents)¹                        (17%) - 3%  52.9 - 65.6     63.4

(1) AHEPS defined as AHE divided by the weighted average number of ordinary
shares (WANS) adjusted to reflect the Group's B-BBEE shares and shares held in
policyholder and consolidated investment funds.

 

Investors are reminded that in H1 2021 AHE included the equity accounted
earnings from our strategic equity investment in Nedbank which was unbundled
in November 2021. The 12.2%  stake in Nedbank that was distributed
contributed R646 million of the R2 899 million of AHE in the comparative
period.

 

HEPS and Basic EPS are expected to fall within the ranges outlined below:

 

 Key Performance Indicators                                                                      Unaudited results for six months ended

 (R million unless stated otherwise)                                 Estimated   Estimated

                                                                     % change    30 June 2022    30 June 2021
 IFRS profit after tax attributable to equity holders of the parent  65% - 85%   4 924 - 5 520   2 984
 Basic EPS (cents)                                                   64% - 84%   111.3 - 124.9   67.8
 Headline Earnings                                                   53% - 73%   4 824 - 5 455   3 155
 HEPS (cents)                                                        52% - 72%   109.1 - 123.4   71.7

 

Headline earnings is higher than AHE, as AHE excludes earnings from operations
in Zimbabwe, adjustments in respect of equity and debt instruments held in
life funds as well as the impact of restructuring.  The movement between
Headline Earnings and AHE was primarily driven by the deferred tax associated
with the unbundling of Nedbank in the comparative period as well as an
increase in respect of equity and debt instruments held in life funds.

 

The financial information in this trading statement is the responsibility of
the Old Mutual Limited Board of Directors and has not been reviewed or
reported on by the Group's external auditors.

 

Sandton

Sponsors

 JSE       Merrill Lynch South Africa (Pty) Limited t/a BofA Securities
 Namibia   PSG Wealth Management (Namibia) (Proprietary) Limited
 Zimbabwe  Imara Capital Zimbabwe plc
 Malawi    Stockbrokers Malawi Limited

 

Enquiries

 Investor Relations
 Sizwe Ndlovu                 T: +27 (0)11 217 1163

 Head: Investor Relations     E: tndlovu6@oldmutual.com

 Communications
 Vuyo Mtawa                   M: +27 68 422 8125

 Head: Group Communications   E: VMtawa@oldmutual.com

 

Notes to Editors

About Old Mutual Limited

Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
market segments in

14 countries. Old Mutual's primary operations are in South Africa and the Rest
of Africa and it has a niche business in Asia. With over 177 years of heritage
across sub-Saharan Africa, Old Mutual is a crucial part of the communities
they serve and the broader society on the continent.

 

For further information on Old Mutual and its underlying businesses, please
visit the corporate website at www.oldmutual.com (http://www.oldmutual.com) .

 

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