Warburg (S.G.) Group PLC
23 April 2004
S.G. WARBURG GROUP plc
Preliminary Statement
For the year ended 31 December 2003
The information contained in this Preliminary Statement, which was approved by
the Board of Directors on 23 April 2004, does not comprise statutory accounts
within the meaning of Section 240 of the Companies Act 1985. Statutory
accounts, which are expected to contain an unqualified audit report, will be
delivered to the Registrar of Companies in accordance with Section 242 of the
Companies Act 1985. Copies of the statutory accounts will also be sent to
shareholders in accordance with Section 238 of the Companies Act 1985.
23 April 2004
S.G. Warburg Group plc
Preliminary statement
For the year ended 31 December 2003
The Group, comprising the Company and its subsidiaries, carries on investment
activities, including the provision of finance to a number of companies within
the UBS AG Group.
The profit for the Group for the year, after taxation, amounted to £7.2m (2002 -
£21.0m) The Directors consider the state of the Company's affairs to be
satisfactory.
Dividends on the 7 5/8 per cent Cumulative Preference Shares amounted to £0.8m
net of tax credit (2002 - £0.8m). The dividends on Ordinary Shares of the
Company for the year ended 31 December 2003 amounted to £8.3m (31 December 2002
- £423.9m).
S.G. Warburg Group plc and Subsidiaries
Consolidated Profit and Loss Account for the year ended 31 December 2003
Year Year
ended ended
31 December 31 December
2003 2002
(unaudited) (audited)
£m £m
Turnover 1.6 2.7
Interest receivable 37.3 48.9
Interest payable and similar charges (25.7) (11.7)
Other operating income 5.8 0.1
Administrative expenses (2.1) (3.1)
Profit on ordinary activities before taxation 16.9 36.9
Taxation (3.3) (13.0)
Profit after taxation 13.6 23.9
Minority interests - equity (6.4) (2.9)
Profit after taxation and minority interests 7.2 21.0
Dividends on Preference Shares (0.8) (0.8)
Dividends on Ordinary Shares (8.3) (423.9)
Transfer to reserves (1.9) (403.7)
Earnings per Ordinary Share (basic and diluted) 2.74p 8.59p
Approved by the Board on 23 April 2004
J V Ozanne, Director
S.G. Warburg Group plc and Subsidiaries
Consolidated Balance Sheet as at 31 December 2003
Year Year
ended ended
31 December 31 December
2003 2002
(unaudited) (audited)
£m £m
Fixed assets
Tangible assets 0.1 0.1
Investments 0.1 9.4
0.2 9.5
Current assets
Cash at bank and in hand 15.5 3.5
Current asset investments - 1.0
Debtors 1,608.6 1,671.2
1,675.7
1,624.1
Creditors
Amounts falling due within one year (476.7) (541.8)
Net current assets 1,147.4 1,133.9
Total assets less current liabilities 1,147.6 1,143.4
Creditors
Amounts falling due after more than one year (113.0) (113.0)
1,034.6 1,030.4
Capital and reserves
Share capital 69.6 69.6
Share premium account 291.1 291.1
Capital redemption reserve 64.9 64.9
Other reserves 84.9 84.9
Profit and loss account 291.3 293.2
Shareholder funds 801.8 803.7
Minority interests 232.8 226.7
Total capital resources 1,034.6 1030.4
Analysis of shareholder funds
Equity interests 790.9 792.8
Non- equity interests 10.9 10.9
801.8 803.7
S.G. Warburg Group plc and Subsidiaries
Consolidated Cash Flow Statement for the year ended 31 December 2003
Year Year
ended ended
31 December 31 December
2003 2002
(unaudited) (audited)
£m £m
Net cash outflow from operating activities (Note 1) 17.6 (9.6)
Returns on investments and servicing of finance:
Preference dividend paid (0.8) (0.8)
Capital expenditure and financial investment:
Receipts from sale of fixed asset investments 14.7
-
Receipts from sale of current asset investments 1.4
-
Tax (paid) / recovered (20.9) 0.1
Increase / (decrease) in cash 12.0 (10.3)
Reconciliation of net cash flow to movement in net cash
Year Year
ended ended
31 December 31 December
2003 2002
£m £m
Increase / (decrease) in cash 12.0 (10.3)
Opening net cash 3.5 13.8
Closing net cash 15.5 3.5
S.G. Warburg Group plc and Subsidiaries
Notes to the Consolidated Cash Flow Statement
Note 1 Reconciliation of profit before tax to net cash outflow from operating
activities
Year Year
ended ended
31 December 31 December
2003 2002
(unaudited) (audited)
£m £m
Profit before tax 16.9 36.9
Revaluation of investments - 0.4
Profit on sale of investments (5.8) -
Decrease / (increase) in 62.6 (61.3)
debtors
(Decrease) / increase in creditors (56.1) 14.4
Net cash inflow / (outflow) from operating activities 17.6 (9.6)
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