Preliminary results
Old Mutual PLC
28 February 2005
OLD MUTUAL PLC
ISIN code: GB0007389926
JSE share code: OML
NSX share code: OLM
Issuer code: OLOML
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
PROFITS RISE STRONGLY
* Adjusted operating profit* up 47% to GBP956 million (2003: GBP650 million)
and up 40% to R11,296 million (2003: R8,041 million). Operating profit GBP908
million (2003: GBP475 million), R10,711 million (2003: R5,884 million)
* Adjusted operating earnings per share* up 53% to 15.3p (2003: 10.0p) and up
46% to 181.1c (2003: 123.8c). Basic operating earnings per share: 14.1p
(2003: 8.0p), 166.2c (2003: 99.1c)
* Total life assurance sales, on an Annual Premium Equivalent (APE) basis, of
GBP546 million, an increase of 3 per cent.
* Funds under management GBP140 billion (2003: GBP125 billion), an increase of
12 per cent. (R1,520 billion (2003: R1,495 billion))
* $12.3 billion fund inflows in the USA
* Adjusted Embedded Value per share 139.1p, R15.08 at 31 December 2004 (2003:
104.6p, R12.49)
* Return on equity 19.1 per cent. (2003: 14.4 per cent.**)
* Final dividend increased by 13 per cent. to 3.5p making 5.25p for the year***
Commenting on the results, Jim Sutcliffe, Chief Executive, said:
'These are strong results, with profits, earnings per share, assets under
management and embedded value all increased. A return on equity of 19.1 per
cent. and net cash inflow of $12.3 billion at our US business further
demonstrate the power underlying this performance.
We have established a momentum in our business that has the potential to take
us much further as we pursue our ambition to build a world class financial
services group.'
Full definitions of the items asterisked above are set out on page 4 of this
document.
Group Results
2004 has seen us make significant progress. Adjusted operating earnings per
share rose by 53 per cent. in Sterling and 46 per cent. in Rand, with each
major business making a significant contribution. Our South African life
business produced its usual strong profit contribution with return on capital
of 24 per cent. Nedcor made good progress in its recovery and a welcome return
to profitability while Mutual & Federal performed strongly as the short term
insurance cycle reached its peak. Our US businesses increased their combined
adjusted operating profit by 25 per cent. to $337 million.
Overall, our adjusted embedded value per share rose by 33% to 139.1p and by
21% to R15.08. Good earnings, the recovery in Nedcor's share price and rising
equity markets all contributed. The operating return on embedded value was
19.4 per cent. and return on equity for our business rose from 14.4 per cent.
to 19.1 per cent. reflecting the progress in the business and tight capital
management.
Business Performance and Development
Our US life business now accounts for roughly half of our life new business.
Sales were up 29 per cent. on an APE basis to $501 million and, as a result,
assets under management in this business grew from $13.3 billion to $17.3
billion. Margins remained at historically high levels under helpful interest
rate conditions. We continued to innovate and adapt our product range to
changing customer needs, particularly in the equity index annuity and mortgage
term insurance markets. In order to bolster our ratings in support of this
growth, we added a further $200 million of capital in December, making a total
of $300 million for the year. We successfully finalised the transfer of our
outsourced back-office functions in order to reduce costs and improve service
to customers and agents. We expect our US life business to start paying
dividends in 2007.
South African life sales fell by 10 per cent. impacted by disappointing
employee benefit sales, and we did not recover as well as we hoped in the
broker market. More encouragingly, we grew our Personal Financial Advisors
(PFA) sales force by 14 per cent. to over 2,600, individual single premium
sales were up 16 per cent. and unit trust sales up 52 per cent. to
R5.0 billion. Group Schemes sales were up 10 per cent. Our overall South
African life margins remained unchanged at 25 per cent.
Investment performance at Old Mutual Asset Managers (OMAM) (SA) was good -
we came top in the Alexander Forbes Large Manager Watch survey and 50 per
cent. of our unit trusts performed in the top quartile of their comparator
groups.
Our new investment product, Max Investments, which brings the best of the unit
trust and life insurance worlds to the customer, was the first product of its
type to be launched in the South African market in November. Total funds under
management at OMSA increased by 15 per cent. to R312 billion.
Nedcor achieved the milestones promised at the time of its rights issue.
Tier 1 solvency exceeded the 7.5 per cent. goal and new governance is working
effectively to control risks. The new management team is in place, with a
clearly defined strategy. Profits met our targets for the year and, although
growth was subdued overall, there were some notable successes - bancassurance
sales rose 57 per cent. for example. Our objective remains a 20 per cent.
return on equity at Nedcor by 2007.
Mutual & Federal had an excellent year, producing an outstanding 7.8 per cent.
underwriting ratio and a return on equity of 24 per cent. Its reputation for
quality service was maintained and it won the three most prestigious customer
service awards in the general insurance industry.
We have been working hard to complete the black economic empowerment (BEE)
ownership plans that are so important for the growth of all our South African
businesses, and expect to be able to make a firm announcement on our detailed
plans in this area in the near future.
Our US asset management business continued to produce excellent investment
performance, with 72 per cent. of assets outperforming their customer
benchmarks on a three-year basis. The developing strength of our distribution
effort, combined with the underlying investment performance, delivered $12.3
billion in net client cash flow which, together with positive equity markets,
boosted assets under management by 20 per cent. to $185 billion. Almost two-
thirds of group assets under management are now for the account of US clients.
Our UK start-up businesses produced positive results. Selestia, in only its
third year of operation, had sales of GBP423 million, and continued to win
awards for its South African built systems and service to independent
financial advisors. OMAM (UK) again won accolades for its investment
performance, and attracted high margin hedge fund investors to replace unit
trust funds withdrawn by Gerrard clients.
Our fledgling business in India is making steady progress and we now have over
40 branches. We have also established a representative office in Beijing to
facilitate a Chinese life joint venture in due course.
Outlook
Market conditions in our industry are favourable at present, and the South
African economy is strong. The momentum we have built up is expected to
continue into 2005, although we will spend further amounts on the growth of
our US asset management business and SA life distribution systems. We expect
Nedcor to make steady progress towards its 2007 goal for return on equity. Old
Mutual has shown that it is well able to prosper as an international financial
services company, and we look forward to the next phase of our journey with
confidence.
28 February 2005
Notes.
Whenever the items asterisked are used anywhere on pages 1-16 of this document,
the following apply:
* Adjusted operating profit represents the directors' view of the underlying
performance of the Group. For life assurance and general insurance businesses,
adjusted operating profit is based on a long term investment return and
includes investment returns on own shares held within the policyholders'
funds. For banking business, adjusted operating profit excludes the loss on
disposal of investment in Dimension Data Holdings plc, restructuring and
integration costs and the transitional impact of the change in credit
provisioning methodology. For all businesses, adjusted operating profit
excludes goodwill amortisation and impairment, and fines and penalties.
Adjusted operating earnings per share is similarly based, but is stated after
tax and minority interests, with the calculation of the weighted average
number of shares including own shares held in policyholders' funds.
The segmental analysis has been prepared on a gross of inter-segment
transactions basis.
** Comparative figures have been restated to reflect the adoption of Urgent
Issues Taskforce Abstract 38 'Accounting for ESOP Trusts'.
*** The dividend recommended (final 3.5p per share, making 5.25p per share for
the year) will be converted, for payment to shareholders on the branch
registers and the Namibian section of the principal register, into local
currencies at exchange rates ruling at the close of business on 31 March 2005.
Further enquiries
Old Mutual plc UK
James Poole Tel: +44 (0) 20 7002 7000
Miranda Bellord Tel: +44 (0) 20 7002 7133
Gareth David, College Hill Tel: +44 (0) 20 7457 2020
Old Mutual plc SA
Nad Pillay Tel: +27 (0) 21 504 8026
Notes to editors:
A webcast of the analysts presentation and Q&A will be broadcast live at 9.30
a.m. (UK time) today on our website at www.oldmutual.com.
High-resolution images of Jim Sutcliffe and Julian Roberts are available at
www2.oldmutual.com/Media/media_resources/photo_library/js_jr.jsp. Copies of
these results and the associated analysts presentation, together with
photographs and biographical details of the executive Directors of Old Mutual
plc, are available in electronic format. Alternatively they are available to
download from the Company's website at www.oldmutual.com.
Group Business Review
Group Finance Director's Review
BUSINESS REVIEW - SOUTH AFRICA
LIFE ASSURANCE & ASSET MANAGEMENT - OLD MUTUAL SOUTH AFRICA (OMSA)
Strong returns continue
Highlights (Rm) 2004 2003
Life assurance technical result 3,697 3,210
LTIR 1,974 2,198
Asset management 544 554
Adjusted operating profit 6,215 5,962
ROC (Life business) 26% 23%
Client funds (Rbn) 312 270
Adjusted operating profit comprises the life assurance technical result, the
Long Term Investment Return (LTIR) of the shareholders' funds and the adjusted
operating profit of the asset management businesses. Life assurance technical
result increased by 15% to R3,697 million reflecting the positive impact of
the strong South African equity market, favourable experience variances and
the positive effect of assumption changes predominantly relating to mortality.
The LTIR of R1,974 million declined by 10% from R2,198 million in 2003. This
reduction reflects our participation (R2.6 billion) in the Nedcor rights issue
and the net impact (R0.6 billion) of our additional stake in Mutual & Federal,
both of which were funded from OMSA's existing financial resources, thus
negatively impacting the average shareholder assets used in the calculation.
In addition, an increase in the cash component of the portfolio coupled with
the lower rates on cash contributed towards the reduction of the LTIR.
Adjusted operating profit for the asset management businesses, excluding
Nedcor, decreased to R544 million in 2004, from R554 million in 2003. Higher
asset levels driven largely by the better performing South African equity
market contributed positively. This has been offset by lower trading profit
in the unit trust company resulting from changes in industry guidelines
regarding trading in units, charges relating to the accounting treatment of
share incentive arrangements, the cost of the acquisition of Quaystone
mandates and the development of administration infrastructure.
Adjusted operating profit for OMSA increased by 4% to R6,215 million in 2004.
The efficient use of capital and performance improvement of the life business,
has resulted in the return on life allocated capital increasing to 26%.
Funds under management continue to grow
Client funds under management for the business increased by 15% from R270
billion to R312 billion. Within this, life assets were 9% higher, reflecting
the equity market uplift partly offset by negative cash flows, whilst asset
management assets were 31% higher, driven by strong market returns and
positive client cash flow.
Total net client cash flow was a negative R4 billion, primarily due to net
negative flows of R10 billion in Group Life business. This was offset by
positive net cash flows of R6 billion in asset management, with Individual
Life Business Flows being broadly neutral.
OMAM delivered strong investment performance, being ranked first out of the
eleven institutional asset managers in the Alexander Forbes Global Manager
Watch (Large) Survey over the year ended December 2004. This represents an
improvement from third position in the 2003 survey. Over three years OMAM
was ranked third.
Rapid growth in unit trust sales
Unit trust sales increased by 52% from R3.3 billion to R5.0 billion in 2004,
reflecting more positive consumer sentiment towards unit trusts as investment
vehicles. Unit trust investment performance was good, with eleven funds
positioned in the top quartile of their respective peer groups and seven of
these funds being top in their respective categories.
Total life sales impacted by weak Group Business
Total life sales, including Old Mutual International (OMI), on an Annual
Premium Equivalent (APE) basis for the period were R3,084 million, 10% lower
than the comparative period in 2003 as Group Business sales continued to
disappoint throughout the year. Individual Life Business sales were at similar
levels to 2003 and Group Business significantly lower. Individual Business and
Group Business contributed R2,662 million (2003: R2,632 million) and R422
million (2003: R809 million) respectively to this result.
Individual Life Business sales mixed
Individual APE (Rm)
2004 2003 Var %
Savings 1,075 1,138 (6%)
Protection 651 701 (7%)
Immediate annuity 164 125 31%
Group Schemes 612 556 10%
Total excl. OMI 2,502 2,520 (1%)
OMI 160 112 43%
Total incl. OMI 2,662 2,632 1%
Single 792 686 16%
Recurring 1,870 1,946 (4%)
Whilst Individual Life Business sales were at similar levels overall to 2003,
the mix was different. Single premium sales were R792 million, 16% ahead of
prior year, driven by strong sales growth in savings and annuity products.
OMI's new international product range also led to significant growth in its
single premium sales. Single premium sales growth was similar in both the
agency and broker channels.
Recurring premium sales were R1,870 million, 4% below 2003, with sales through
brokers, particularly of savings products, being markedly lower than in 2003.
Reasons for the reduction in broker channel recurring premiums included the
impact of regulatory changes, the establishment of broker networks, as well as
media perceptions regarding the value provided by recurring investment
products. In the case of recurring premium sales the performance in the agency
channel was much stronger in the second half of the year, reflecting growth in
agent manpower. Group Schemes sales were 10% higher overall than the prior
year, although the second half sales were adversely affected by attrition in
the sales force headcount, which finished the year some 12% lower than in June
2004.
Group Business sales disappoint
Group APE (Rm) 2004 2003 Var %
Savings 260 495 (47%)
Protection 120 86 41%
Annuity 42 228 (82%)
Total 422 809 (48%)
Single 240 582 (59%)
Recurring 182 227 (20%)
A low level of Group Business sales continued throughout 2004 with no material
single premium flows, the exception being the protection business which
increased by 41% to R120 million. Group Business single premiums fell 59% to
R240 million; recurring premiums also decreased by 20% to R182 million. Group
Business single premium sales arise principally from restructuring of benefit
plans or the movement of existing assets between different providers. The time-
consuming nature of pension fund surplus apportionments (a legislative
requirement) and a slow response by companies to provide for post-retirement
medical aid liabilities meant that few opportunities crystallised in 2004 for
Group Business single premium sales.
Lower value of new business but steady margins
The after-tax value of new business, excluding OMI, was 13% down on 2003 to
R719 million. Growth of 18% in the value of Individual Life Business,
reflecting the positive impact of economic and assumption changes, was offset
by a 65% reduction in the value of Group Business. The overall new business
margin remained stable at 25%. Higher margins were recorded on Individual Life
Business following assumption changes and offset the shortfall in Employee
Benefits margins.
The value of in-force business (VIF) of R10,903 million at 31 December 2004
increased from R9,832 million at 31 December 2003. Within this total, the VIF
for Individual Life Business increased by 25% due largely to the positive
effect of economic and operating assumption changes primarily reflecting
positive mortality experience and the valuation of some sources of profit that
were not previously valued. The Group Business VIF declined by 12% on account
of the relatively low new business value added, the negative impact of
operating assumption changes and the increase in the cost of solvency capital.
Management action showing returns
OMSA has increased its Personal Financial Advisors (PFA) sales force from
2,314 at 31 December 2003 to 2,643 at 31 December 2004. More than 50% of the
Advisor sales force is now on a new remuneration model and benefits are
starting to be seen in increasing sales arising from this channel.
Our new investment product Max Investments was successfully launched in
November. This product uses both life and non-life investment structures to
offer investors a cost- and tax-efficient wrapper in one investment and aims
to address the need for lower client charges in a low inflation environment.
Encouraging sales were achieved in the last two months of 2004 and these have
continued into 2005. This has been one of the fastest new product take-ups
ever in the PFA distribution channel, confirming the positive market response.
The Masthead independent broker network has helped to protect the independent
broker market with over 2,200 brokers signed up in 2004.
Addressing the sales performance of our Group Business, we continue to work
towards the delivery of an integrated distribution approach. Furthermore, the
implementation of the Compass administration platform will provide increased
efficiency and service benefits for administration clients.
Solid capital position
The capital strength of the life company has been demonstrated through
Statutory Capital Adequacy Requirement (SCAR) coverage of 2.6 times, after
allowing for statutory limitations on the value of certain assets. In
addition, the proportion of cash in shareholders' funds backing statutory
capital requirements increased from 20% in 2003 to 43% in 2004. During 2004
R2.6 billion was invested in Nedcor to support its recapitalisation and a net
R0.6 billion was invested to acquire our increased holding in Mutual & Federal.
BANKING - NEDCOR
Nedcor has been stabilised
Nedcor has been stabilised and the balance sheet significantly de-risked.
The Nedcor rights issue completed in May 2004 was a success, raising R5.2
billion of additional ordinary capital. The capital injection, together with
the active management of assets, including the disposal of non-core assets,
the repatriation of R5.1 billion of foreign capital and the improving
attributable profits by Nedcor, have all strengthened capital. This improved
the mix between the bank's tier 1 and tier 2 capital. Nedcor's capital
adequacy (which is defined as regulatory capital as a percentage of risk-
weighted assets) was 12.1% at 31 December 2004 (2003: 10.1%), with tier 1
capital at 8.1% (2003: 5.0%).
A formal relationship agreement has been put in place. We have finalised the
appointment of the executive team and we have introduced the Old Mutual Group
Enterprise Risk Management framework.
Foreign exchange translation risk has been substantially reduced by the
repatriation and hedging of part of the foreign capital, which has been
reduced to R4.5 billion as at 31 December 2004 from R9.3 billion at
31 December 2003. Nedcor continues to be exposed to foreign exchange rate
movements on the remaining capital, which is held offshore to support foreign
operations. During 2004 the translation losses on the remaining foreign
capital amounted to R372 million, substantially lower than the comparative
period in 2003 (R1,356 million).
Recovery is on track
Nedcor's adjusted operating profit, including asset management operations, of
R2,423 million was a substantial increase on the disappointing year in 2003
(R67 million). This reflects moderate revenue growth in both net interest
income (NII) and non-interest revenue (NIR). Revenue was enhanced through
margin improvement and controlled asset growth at the expense in some areas
of market share.
Nedcor's NII, on a UK GAAP basis, increased by 11% to R7,529 million over the
comparative period in 2003, driven by improved margins. This margin increase
resulted from improved funding and hedging strategies, offshore capital being
repatriated and the positive endowment effects of the rights issue.
NIR at R7,580 million reflected an upturn in the second half of the year due
to improved deal flow in investment banking, increasing 10% over the
comparative period in 2003. NIR throughout the year was adversely affected by
strategic disposals, and exchange and securities dealing revenue remaining
muted.
The cost income ratio at 74.5% (2003: 72.5%) was adversely affected by the
merger and recovery programme costs while not yet fully recognising the
benefits of these programmes realised towards the latter part of 2004. During
2004, management actively reduced headcount by 13% from 24,205 to 21,103. The
full effect of headcount reductions will be reflected in 2005. Nedcor
continues to focus on improving its cost to income ratio and is on track to
achieve its goal of 20% return on equity in 2007.
GENERAL INSURANCE - MUTUAL & FEDERAL
Mutual & Federal achieves exceptional results
Mutual & Federal had an exceptional year with an adjusted operating profit
(on a UK GAAP basis) of R1,057 million, increasing 16% from R909 million in
2003. This excellent performance was largely attributable to the continued
favourable underwriting cycle, which is reflected in the increase in the
underwriting surplus of R527 million in 2004, up 60% from R329 million in
2003. The Group now owns 88% of Mutual & Federal following the acquisition of
the 37% previously owned by Royal & Sun Alliance.
Strong premium growth up 13%
Gross premiums (on a UK GAAP basis) increased to R7,360 million in 2004, an
increase of 13%, reflecting new business acquired plus corrective action and
rating adjustments in less profitable segments of the business. An overall
reduction in claims frequency and severity resulted in one of the strongest
cycles the general insurance industry has experienced.
Underwriting ratio climbs to 9.8% (SA GAAP)
The underwriting surplus of R527 million compared to 2003 (R329 million)
reflects the exceptional insurance cycle, improved claims management and close
control of management expenses. The strong underwriting ratio (the ratio of
the underwriting surplus to net earned premiums) was accordingly 7.8%, up from
5.8% last year. The corresponding SA GAAP ratio was 9.8% for 2004, up from
6.9% in 2003.
Insurance cycle softening
Although conditions remain conducive to underwriting profitability, the softer
cycle and pressure on rates indicate more normal trading conditions are likely
to prevail in 2005.
BUSINESS REVIEW - UNITED STATES
US LIFE
Growth in assets delivers improved profits up 25%
Our US life business's adjusted operating profit of $174 million was 25% up on
the $139 million achieved in 2003 as our strategy to manage growth in
profitable product areas and to drive towards capital self-sufficiency in 2007
made good progress. The impact of the continued growth in scale of the business
is shown by funds under management increasing by 30% to $17 billion during
2004.
Strong APE growth continues - up 29%
Total APE for 2004 was $501 million, an increase of 29% from $389 million in
2003, with the business reaping the benefits of successfully diversifying from
fixed to equity linked products during 2004, coupled with the maturing of the
offshore and corporate channels. Total premiums exceeded $4 billion. OMNIA and
Corporate channels continue to mature, with 44% growth of APE over 2003 ($41
million to $59 million). Life assurance sales grew by 25% from $85 million in
2003 to $106 million in 2004.
Managing product mix enhances margin to 23%
Over the past year the business has demonstrated its flexibility to seize new
opportunities in changing market conditions by rapid product development. We
succeeded in producing profitable equity index annuity and term life products,
both of which achieved second place market share nationally for the period for
our Managing General Agents channel. The average margin on new business after
tax increased from 15% to 23% of APE and the value of new business after tax
at $113 million increased by 92% on the comparative period in 2003, reflecting
the positive movements in interest rates and changes in product mix.
Capital position strengthened
We continue to manage the capital position carefully. In order to support our
ratings, we decided to increase the target risk based capital (RBC) ratio to
300%. Consequently, the capital base was strengthened by a one-off injection of
$200 million (making a total of $300 million for the year). At the same time we
repatriated to the US a significant block of annuity business from Old Mutual
Re (Ireland). This repatriation improved our Group solvency position, but had
one-off negative impacts of $39 million on our consolidated embedded value and
$43 million on our statutory profit before tax for Fidelity & Guaranty Life
Insurance Company. The US life business continues to mature and is expected to
begin releasing capital from 2007.
US ASSET MANAGEMENT
Adjusted operating profit up 22%
The Group's US asset management business delivered adjusted operating profit
of $163 million, an increase of 22% on the comparative period in 2003. The
combination of increased client inflows and strong equity markets in the
latter half of 2004 led to a 21% improvement in average asset levels to $165
billion for 2004. Management fees increased from $497 million in 2003 to $570
million in 2004, significantly improving adjusted operating profit. Strong
performance fees, transaction fees and improved revenues from securities
lending also contributed to the overall growth in revenue. Offsetting this
improvement, expenses increased by 17%, as a result of costs associated with
our retail initiative ($6 million) and increased variable compensation costs
together with one-off expenses, including the cost of restructuring the Dwight
Stable Value Fund ($7 million).
Funds under management up 20%
Funds under management increased 20% overall during 2004, from $154 billion at
31 December 2003 to $185 billion at 31 December 2004. Investment returns in
the funds under management accounted for 12% of the increase, while net
inflows of client assets, including $3.2 billion in cash collateral assets,
contributed a total of $12.3 billion, or 8% of the increase for the year. 2004
marks the fourth consecutive year of net inflows of client assets to our
member firms.
Strong fund performance
The inflows reflect the continuing strong investment performance achieved by
our member firms. At 31 December 2004, 72% and 95% of assets were
outperforming their benchmarks over three and five years respectively. Over
the same periods, 61% and 73% of assets ranked in the first quartile of their
peer group.
Retail initiative launched
In October, Old Mutual Capital launched the Old Mutual Advisor Funds,
establishing the foundation for a full-scale retail distribution initiative.
These funds utilise the diverse asset management capabilities of our
affiliates to construct asset allocation mutual fund products tailored to
different investor risk profiles. This initiative is targeted to increase our
presence in the mutual fund market and is designed to give our affiliates
access to a higher margin market, further diversifying revenue-generating
sources for the Group.
Managing the portfolio
The US asset management group continually assesses its business position and
ability to maintain product leadership. In line with this strategy, several
adjustments were made to the manager group in 2004. We reached agreement with
the principals of one of our remaining revenue-sharing firms, First Pacific
Advisors, under which they have an option to acquire certain of the firm's
assets and liabilities with effect from October 2006. Its assets under
management at 31 December 2004 were $8.4 billion (31 December 2003: $5.5
billion). At the end of 2004 we discontinued the operations of another member
firm, Sirach Capital Management. The firm, predominantly a growth equity
manager, had suffered steep asset declines since 2000. Funds under management
at the beginning of 2004 were $1.6 billion, and management has taken the
decision to return the remaining funds to clients. The resultant non-operating
loss to the Group was $14 million, principally the write-off of goodwill.
In June 2004, Liberty Ridge Capital (LRC) (formerly Pilgrim Baxter &
Associates) reached agreement with the Securities and Exchange Commission and
the Office of the New York Attorney General to settle regulatory action
against the firm. Total fines and penalties agreed were $90 million and have
been disclosed as a non-operating loss. LRC has also committed to future fee
reductions of $10 million. During 2004, all outstanding class action lawsuits
filed against Old Mutual in relation to these activities were consolidated into
a single lawsuit along with all other cases against US parties alleging market
timing and late trading violations. Proceedings in this case are at the
preliminary stage. Following the resolution of regulatory matters and
reflecting new company management, LRC underwent a firm-wide revitalisation,
revising its product strategy, enhancing its investment processes and
rebranding under its new name. Despite net outflows of $2.4 billion in 2004,
funds under management remain robust, and management continues to focus on
rebuilding the franchise.
Early in 2005, we created a strategic alliance with Copper Rock Capital
Partners. This is a small cap growth firm, and the alliance is designed to
supplement our capability in this product area.
Clients benefit from diversity and focus
Looking ahead, we are committed to derive business growth organically,
leveraging off the diversity and styles of the individual firms. We are
currently in negotiations to add a hedge fund capability and will continue to
seek targeted investment opportunities in other areas to strengthen and
broaden product capability.
BUSINESS REVIEW - UK & REST OF WORLD
Adjusted operating profit from the Group's UK and Rest of World asset
management and life assurance businesses, excluding Nedcor, was GBP22 million
in 2004, higher than the GBP12 million earned in the equivalent period in
2003. This result includes the adjusted operating profit from the UK, African
countries other than South Africa, OMI and the Far East.
Total funds under management in the UK grew by 9% to GBP4.3 billion. Strong
net cash inflows into our hedge fund products continued, offset by funds
withdrawn by Gerrard clients. During the year, the operations of Bright
Capital were merged into OMAM (UK).
Selestia continued to grow, with funds under management increasing from GBP289
million to GBP730 million, predominantly through new business sales of GBP423
million (2003: GBP218 million). Selestia reduced its adjusted operating loss
to GBP5 million from GBP9 million in 2003.
GROUP RESULTS
2004 EPS up by 53% to 15.3p
Strong delivery across all businesses contributed to an increase of 47% in
adjusted operating profit before tax to GBP956 million. Adjusted operating
profit after tax and minority interests increased by 54% from 2003 to GBP574
million in 2004 resulting in a 53% increase in adjusted operating earnings per
share to 15.3p for 2004. The basic earnings per share is 14.1p (2003: 8.0p),
representing a 76% increase.
Operating profit on ordinary activities before tax increased to GBP908 million
compared to a profit of GBP475 million in 2003.
Funds under management and fund flows
During 2004 funds under management increased by 12% from GBP125 billion to
GBP140 billion. Our international diversity has delivered strong net cash
flows (increased from GBP1.8 billion in 2003 to GBP5.3 billion in 2004) as
strong performances of our US and UK businesses more than offset weak flows
in South Africa.
Achieved profits
The Group's adjusted operating profit on an achieved profits basis of GBP1,111
million increased by 57% from GBP707 million in 2003. Adjusted operating
profit for life assurance of GBP749 million was up by 25% from GBP600 million
in 2003, driven by increased new business in the US and improved experience
variances in South Africa. Adjusted operating earnings per share on an
achieved profits basis rose from 10.8p to 19.1p. Achieved profits equity
shareholders' funds (adjusted for own shares held in policyholders' funds and
to bring listed Group subsidiaries to market value) of GBP5,359 million at 31
December 2004 increased by 33% from GBP4,015 million at 31 December 2003. This
benefited from an improvement in the Rand exchange rate, an increase in the
share prices of Nedcor and Mutual & Federal and the impact of the Nedcor
rights issue.
Adjusted embedded value per share (before dividends) up by 37%
Adjusted embedded value (EV) per share at 31 December 2004 was 139.1p after
dividends (143.8p before dividends) representing a growth in EV per share
before dividends of 37% over 2003. EV per share has benefited from the strong
result for the year including the recovery at Nedcor, increased Group net cash
flows, higher market levels and a stronger Rand offset by a weaker US Dollar.
Capital
The Group's gearing level remains favourable, with senior debt gearing at 31
December 2004 of 11.0% (14.7% at 31 December 2003) and total gearing,
including hybrid capital, of 16.5% (21.7% at 31 December 2003). Hybrid capital
excludes hybrid debt from banking activities and includes the $750 million of
Guaranteed Cumulative Perpetual Preferred Securities issued during 2003 that
are reported as part of non-equity minority interests in the financial
statements.
Senior debt gearing is defined as senior debt over senior debt plus adjusted
embedded value on an achieved profits basis. Senior debt excludes debt from
banking activities and is net of cash and short term investments which are
immediately available to repay debt. Total gearing is similarly based, but
includes hybrid capital instruments within debt.
Strong support from Old Mutual ensured that the Nedcor rights issue completed
in May 2004 was a success, raising R5.2 billion that together with
repatriation of surplus foreign capital and other management actions has
strengthened Nedcor's capital base resulting in a capital adequacy ratio at 31
December 2004 of 12.1% (10.1% at 31 December 2003).
The Group's investment in Mutual & Federal increased to 88% in 2004 as a
result of the offer to acquire the outstanding minority interests, which
resulted in acceptances representing 37% of Mutual & Federal's issued share
capital. Following that transaction, Mutual & Federal paid a special dividend
of R860 million, reducing its solvency margin, being the ratio of net assets
to net premiums, to 53% at 31 December 2004 (61% at December 2003). This
remains comfortably above the minimum required to support current operations
and to facilitate the future growth of the business.
The solvency ratios of the Group's major life businesses at 31 December 2004
remain well above the minimum statutory requirements, with South Africa's
excess assets (after regulatory asset limitations) equivalent to 2.6 times the
statutory minimum, and the US business at 299% of the risk-based capital
requirement.
At 31 December 2004, the Group had in issue US$636 million 3.625 per cent
Convertible Bonds maturing on 2 May 2005, which are guaranteed by and
convertible into ordinary shares in the Company at a conversion price of 190p
per share and an exchange rate of one US Dollar to 69.52p Sterling.
During 2004, Old Mutual plc entered into a new GBP1.1 billion five-year multi-
currency Revolving Credit Facility, which matures during May 2009, and
cancelled its existing GBP900 million, US$600 million and US$60 million
Revolving Credit Facilities. The new facility was undrawn at 31 December 2004.
Old Mutual is now twelve months into a Group-wide Economic Capital (EC)
Programme. Once completed, this will significantly improve the Group's ability
to measure risk and business performance. It will also improve transparency
and communication with regulators, ratings agencies and investors. Early
results are highly encouraging, showing the Group's available financial
resources to be well above the EC required for our target rating.
Since 1 January 2005 the Group has met the minimum capital resources
requirement under the Financial Groups Directive which applies to UK-based
financial conglomerates.
Taxation
The Group's effective tax rate (based on the tax charge as a proportion of
adjusted operating profit) of 25% decreased from 34% in 2003. This is
primarily as a result of the much improved profitability in Nedcor. In 2003
the Group's effective rate was higher due to Nedcor's non-tax deductible
expenses which are relatively fixed amounts on a very low profit base.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Implementation of IFRS across the Group is currently nearing completion. We
are planning to publish a restatement of our 2004 year-end income statement
and balance sheet under IFRS in May 2005. The aspects of IFRS that will most
impact the Group, in common with our peers, are those that deal with financial
instruments and insurance and investment contracts. Currently there are a few
remaining points of clarity regarding the final version of certain elements of
IFRS and interpretation of a number of principles. We anticipate that these
points will be resolved before publication of our 2004 numbers restated under
IFRS in May.
EUROPEAN EMBEDDED VALUE (EEV)
The Group has continued to publish supplementary information on an achieved
profits basis for the 2004 financial year. We support the new EEV proposals
that have been developed by the European CFO Forum with the purpose of
increasing comparability and uniformity in EV reporting. We are currently
assessing the impact of those new proposals and for the 2005 interim
announcement we will discontinue publishing information on an achieved profits
basis and commence reporting in line with EEV. We continue to be committed to
monitoring our business on an EV basis as we see this as a key indicator of
long-term value.
DIVIDEND
The Directors of Old Mutual plc are recommending a final dividend for the year
ended 31 December 2004 of 3.5p per share (making a total of 5.25p for the
year, an increase of 9.4% over 2003). The indicative Rand equivalent of this
final dividend is 38.0c*** (making a total of 58.5c*** for the year, an
increase of 4.5%).
The record date for this dividend payment is the close of business on Friday,
22 April 2005 for all the Exchanges where the Company's shares are listed. The
last day to trade cum-dividend on the JSE Securities Exchange South Africa
(JSE), the Namibian and the Malawi Exchanges will be Friday, 15 April 2005,
and in Zimbabwe, Thursday, 14 April 2005. The shares will trade ex-dividend
from the opening of business on Monday, 18 April 2005 on the JSE, the Namibian
and the Malawi Exchanges, from the opening of business on Friday, 15 April
2005 in Zimbabwe, and from the opening of business on Wednesday, 20 April 2005
on the London Stock Exchange.
Shareholders on the South African, Zimbabwe and Malawi branch registers and
the Namibian section of the principal register will be paid the local currency
equivalent of the dividend under the Dividend Access Trust arrangements
established in each country. Local currency equivalents of the dividend will
be determined by the Company using exchange rates prevailing at close of
business on Thursday, 31 March 2005 and will be announced by the Company on
Friday, 1 April 2005.
Share certificates may not be dematerialised or rematerialised on the South
African branch register between Monday, 18 April and Friday, 22 April 2005,
both dates inclusive and transfers between the registers may not take place
during that period.
The final dividend is subject to approval at the Annual General Meeting of Old
Mutual plc, which is to be held in London on Wednesday, 11 May 2005. Subject
to being so approved, the final dividend will be paid on Tuesday, 31 May 2005.
Julian V F Roberts
Group Finance Director
28 February 2005
The financial information in this document does not constitute the Company's
statutory accounts for the year ended 31 December 2004 but is derived from
those accounts. Statutory accounts for 2003 have been delivered to the
Registrar of Companies, and those for 2004 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those accounts:
their reports were unqualified and did not contain statements under Section 237
(2) or (3) of the Companies Act 1985.
Summary Consolidated Profit and Loss Account
for the year ended 31 December 2004
GBPm Rm
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
Notes (Restated)* (Restated)*
South Africa
Technical result 313 260 3,697 3,210
Long term
investment return 167 178 1,974 2,198
Life assurance 3(b)(iii) 480 438 5,671 5,408
Asset management 3(c)(i) 53 55 639 678
Banking 3(d)(i) 177 (10) 2,099 (118)
General insurance 3(e) 89 73 1,057 909
799 556 9,466 6,877
United States
Life assurance 3(b)(iii) 96 85 1,126 1,050
Asset management 3(c)(i) 89 81 1,050 1,000
185 166 2,176 2,050
United Kingdom and
Rest of World
Life assurance 3(b)(iii) 18 20 206 248
Asset management 3(c)(i) 10 (8) 117 (95)
Banking 3(d)(i) 14 4 158 48
42 16 481 201
1,026 738 12,123 9,128
Other shareholders'
income / expenses 3(f) (33) (40) (390) (494)
Debt service costs (37) (48) (437) (593)
Adjusted operating profit** 956 650 11,296 8,041
Goodwill amortisation
and impairment 6 (110) (206) (1,290) (2,544)
Loss on disposal of
investment in
Dimension Data Holdings plc - (5) - (60)
Restructuring and
integration costs 3(a) (21) (32) (246) (394)
Change in credit
provisioning
methodology 3(d)(iii) - (87) - (1,074)
Fines and penalties (49) - (596) -
Short term fluctuations
in investment return 226 143 2,662 1,767
Investment return
adjustment for
own shares held
in policyholders' funds 3(b)(iv) (94) 12 (1,115) 148
Operating profit
on ordinary
activities before tax 908 475 10,711 5,884
Non-operating items 5(b) (35) (32) (418) (404)
Profit on
ordinary activities
before tax 873 443 10,293 5,480
Tax on profit on
ordinary activities 4(a) (286) (241) (3,374) (2,976)
Profit on ordinary
activities after
tax 587 202 6,919 2,504
Minority interests
equity (44) 117 (519) 1,445
non-equity (59) (46) (696) (568)
Profit for the financial year 484 273 5,704 3,381
Dividends paid and proposed (182) (166) (2,001) (2,006)
Retained profit for the
financial year 302 107 3,703 1,375
Summary Consolidated Profit and Loss Account continued
for the year ended 31 December 2004
GBPm Rm
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
Notes (Restated)* (Restated)*
The adjusted operating
profit on an after-tax
and minority interests basis
is determined as follows:
Adjusted operating profit 956 650 11,296 8,041
Tax on adjusted
operating profit 4(a) (240) (224) (2,834) (2,763)
716 426 8,462 5,278
Minority interests
equity (83) (7) (980) (96)
non-equity (59) (46) (696) (568)
Adjusted operating
profit after tax
and minority interests 574 373 6,786 4,614
Earnings and dividend per share attributable to equity shareholders
P c
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
Notes 2004 2003 2004 2003
Earnings per share
Adjusted operating
earnings per share** 2 15.3 10.0 181.1 123.8
Basic earnings per share 2 14.1 8.0 166.2 99.1
Diluted earnings per share 2 14.1 8.0 166.2 99.1
Dividend per share
(Rand dividend
indicative only for 2004)*** 5.25 4.8 58.5 56.0
Adjusted weighted average
number of
shares millions 2 3,748 3,727 3,748 3,727
Weighted average
number of shares
millions 2 3,432 3,411 3,432 3,411
* 2003 Comparatives have been restated to be consistent with the current year
segmental presentation.
** Adjusted operating profit represents the directors' view of the underlying
performance of the Group. For life assurance and general insurance businesses,
adjusted operating profit is based on a long term investment return and
includes investment returns on own shares held within the policyholders' funds.
For banking business, adjusted operating profit excludes the loss on disposal
of investment in Dimension Data Holdings plc, restructuring and integration
costs and the transitional impact of the change in credit provisioning
methodology. For all businesses, adjusted operating profit excludes goodwill
amortisation and impairment and fines and penalties.
Adjusted operating earnings per share is similarly based, but is stated after
tax and minority interests, with the calculation of the weighted average number
of shares including own shares held in policyholders' funds.
The segmental analysis within the consolidated profit and loss account has been
prepared on a gross of inter-segment transactions basis.
Details of the inter-segment revenue and expenses are set out in note 3.
*** Indicative only the actual amount of the final dividend per share in Rand
will be determined by reference to the exchange rate prevailing on 31 March
2005 and will be announced by the Company on 1 April 2005.
Consolidated Profit and Loss Account
for the year ended 31 December 2004
GBPm Rm
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
Notes 2004 2003 2004 2003
Technical account
long term
business 309 376 3,635 4,645
Tax attributable to
shareholders'
profits on long
term business 202 185 2,383 2,284
511 561 6,018 6,929
Technical account
general
business 89 73 1,057 909
Banking operating
profit / (loss) 121 (276) 1,436 (3,402)
Asset management
result before
goodwill amortisation
and fines
and penalties 3(c)(i) 135 120 1,603 1,485
Fines and penalties (49) - (596) -
Other non-technical
account
Investment income 46 41 543 506
Unrealised gains
on investments 52 15 614 186
Allocated investment
returns
transferred from
the technical
account
Long term business 188 143 2,213 1,766
General business (45) (47) (530) (580)
Investment expenses
and charges (37) (48) (437) (593)
Other income 4 2 46 25
Other charges (52) (49) (614) (606)
Goodwill amortisation
(insurance and asset
management) (55) (60) (642) (741)
Operating profit
on ordinary
activities before tax 908 475 10,711 5,884
Non-operating items 5(b) (35) (32) (418) (404)
Profit on
ordinary activities
before tax 873 443 10,293 5,480
Tax on profit
on ordinary
activities 4(a) (286) (241) (3,374) (2,976)
Profit on
ordinary activities
after tax 587 202 6,919 2,504
Minority interests
equity (44) 117 (519) 1,445
non-equity (59) (46) (696) (568)
Profit for the
financial year 484 273 5,704 3,381
Dividends paid
and proposed (182) (166) (2,001) (2,006)
Retained profit for the
financial year 302 107 3,703 1,375
Consolidated Statement of Total Recognised Gains and Losses
for the year ended 31 December 2004
GBPm Rm
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
(Restated)* (Restated)*
Profit for the financial year 484 273 5,704 3,381
Foreign exchange movements 141 176 (1,941) (2,574)
Total recognised gains
and losses for
the year 625 449 3,763 807
Prior year adjustment 27 -
Total recognised gains
and losses since
last annual report 652 3,763
Reconciliation of Movements in Consolidated Equity Shareholders' Funds
for the year ended 31 December 2004
GBPm Rm
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
(Restated)* (Restated)*
Total recognised gains
/ (losses) for the year 625 449 3,763 807
Dividends paid and
proposed (182) (166) (2,001) (2,006)
443 283 1,762 (1,199)
Issue of new capital - 37 - 457
Shares issued under
share incentive schemes 15 4 177 49
Net sale of shares held
in ESOP Trusts and
Policyholders' funds 33 6 389 76
Net increase /
(decrease) in equity
shareholders' funds 491 330 2,328 (617)
Equity shareholders'
funds at the beginning
of the year 2,754 2,424 32,874 33,491
Equity shareholders'
funds at the end of the
year 3,245 2,754 35,202 32,874
* Comparative figures have been restated to reflect the adoption of Urgent
Issues Taskforce Abstract 38 'Accounting for ESOP Trusts'. The effects of this
restatement are reductions in equity shareholders' funds at 31 December 2004
and 31 December 2003 of GBP127 million (R1,380 million) and GBP109 million
(R1,301 million) respectively representing the original cost of these shares of
GBP143 million (R1,380 million) (2003: GBP136 million (R1,301 million)) less
cumulative foreign exchange losses of GBP16 million (R Nil)
(2003: GBP27 million (R Nil)).
Consolidated Balance Sheet
at 31 December 2004
GBPm Rm
At At At At
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
Notes (Restated)* (Restated)*
Intangible assets
Goodwill 6 1,152 1,264 12,497 15,088
Insurance and other assets
Investments
Land and buildings 773 677 8,386 8,081
Other financial investments 25,840 22,756 280,317 271,631
26,613 23,433 288,703 279,712
Assets held to cover linked
liabilities 7,977 5,860 86,536 69,949
3(g) 34,590 29,293 375,239 349,661
Reinsurers' share of technical
provisions
Provision for unearned premiums 14 19 152 227
Long term business provision 269 301 2,918 3,593
Claims outstanding 70 54 759 645
353 374 3,829 4,465
Debtors
Debtors arising from direct
insurance operations 173 225 1,877 2,686
Debtors arising from reinsurance
operations 22 7 239 84
Other debtors 305 470 3,309 5,610
500 702 5,425 8,380
Other assets
Tangible fixed assets 74 81 803 966
Cash at bank and in hand 504 695 5,467 8,296
Present value of acquired
in-force business 164 194 1,780 2,315
Other assets 425 332 4,610 3,963
1,167 1,302 12,660 15,540
Prepayments and accrued income
Accrued interest and rent 210 184 2,278 2,196
Deferred acquisition costs 665 427 7,214 5,097
Other prepayments and accrued
income 123 127 1,334 1,516
998 738 10,826 8,809
Total insurance and other assets 37,608 32,409 407,979 386,855
Banking assets
Cash and balances at central banks 926 1,025 10,055 12,235
Treasury bills and other eligible
bills 1,485 888 16,110 10,600
Loans and advances to banks 2,522 2,092 27,358 24,972
Loans and advances to customers 17,174 15,136 186,316 180,674
Debt securities 1,934 1,420 20,976 16,952
Equity shares and other variable
yield securities 259 317 2,811 3,784
Interest in associated
undertakings 91 144 987 1,719
Tangible fixed assets 223 221 2,423 2,638
Land and buildings 160 141 1,738 1,683
Prepayments and accrued income
and other assets 2,726 2,658 29,571 31,728
Total banking assets 27,500 24,042 298,345 286,985
Total assets 66,260 57,715 718,821 688,928
Consolidated Balance Sheet
at 31 December 2004
GBPm Rm
At At At At
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
(Restated)* (Restated)*
Capital and reserves
Called up share capital 386 384 4,187 4,584
Share premium account 600 587 6,509 7,007
Merger reserve 184 184 1,996 2,196
Profit and loss account 2,444 2,000 26,103 22,995
3,614 3,155 38,795 36,782
Reserve in respect of own
shares held in
policyholders' funds (369) (401) (3,593) (3,908)
Equity shareholders' funds 3,245 2,754 35,202 32,874
Minority interests
Equity 869 652 9,427 7,783
Non-equity 658 658 7,138 7,854
1,527 1,310 16,565 15,637
Subordinated liabilities - 15 - 179
Insurance and other
liabilities
Technical provisions
Provision for unearned
premiums 77 80 835 955
Long term business
provision 23,138 20,660 251,006 246,612
Claims outstanding 680 417 7,376 4,978
23,895 21,157 259,217 252,545
Technical provisions for
linked liabilities 7,977 5,860 86,536 69,949
Provisions for other
risks and charges 639 551 6,932 6,576
Creditors
Creditors arising from
direct insurance
operations 305 478 3,308 5,706
Creditors arising from
reinsurance operations 10 3 108 36
Other creditors including
tax and social security 1,783 1,806 19,346 21,550
Amounts owed to credit
institutions 467 377 5,065 4,501
Convertible loan stock 332 357 3,602 4,261
2,897 3,021 31,429 36,054
Accruals and deferred
income 181 135 1,964 1,611
Total insurance and other
liabilities 35,589 30,724 386,078 366,735
Banking liabilities
Deposits by banks 2,821 4,381 30,607 52,295
Customer accounts 17,508 13,976 189,933 166,827
Debt securities in issue 1,563 468 16,956 5,586
Other liabilities 3,228 3,200 35,025 38,199
Provision for deferred tax 95 229 1,030 2,732
Subordinated liabilities 678 648 7,358 7,745
Convertible loan stock 6 10 67 119
Total banking liabilities 25,899 22,912 280,976 273,503
Total liabilities 66,260 57,715 718,821 688,928
Commitments 1,072 1,017 11,629 12,144
Contingent liabilities 1,907 2,422 20,688 28,910
* Comparative figures have been restated to reflect the adoption of Urgent
Issues Taskforce Abstract 38 'Accounting for ESOP Trusts'.
Consolidated Cash Flow Statement
for the year ended 31 December 2004
GBPm Rm
Year to Year to Year to Year to
31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003
Operating activities
Net cash inflow from insurance
and other operating activities 952 916 11,239 11,312
Net cash outflow from banking
operating activities (412) (679) (4,863) (8,387)
Net cash inflow from operating
activities 540 237 6,376 2,925
Net cash outflow from returns
on investments and servicing of
finance (113) (128) (1,334) (1,580)
Total tax paid (293) (174) (3,457) (2,149)
Net cash (outflow) / inflow
from capital expenditure and
financial
investment (2) 227 (23) 2,804
Net cash (outflow) / inflow
from acquisitions and disposals (31) 83 (366) 1,025
Equity dividends paid (181) (178) (2,132) (2,198)
Net cash (outflow) / inflow
before financing activities (80) 67 (936) 827
Net cash inflow from financing
activities 284 231 3,346 2,851
Net cash inflow of the Group
excluding long term business 204 298 2,410 3,678
Cash flows relating to insurance
and other activities were invested
as follows:
(Decrease) / increase in
cash holdings (157) 36 (1,852) 445
Increase in net
portfolio investments 546 616 6,442 7,605
389 652 4,590 8,050
Cash flows relating to banking
activities were invested as follows:
Decrease in cash and balances
at central banks (185) (354) (2,180) (4,372)
Net cash inflow of the Group
excluding long term business 204 298 2,410 3,678
The cash flows presented in this statement exclude all cash flows relating to
policyholders' funds for the long term business.
This information is provided by RNS
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