Warburg (S.G.) Group
Final Results
Warburg (S.G.) Group PLC
1 May 2002
S. G. WARBURG GROUP plc
Preliminary Statement
For the year ended 31 December 2001
Please find enclosed the text of the Annual Financial Statement of S. G. Warburg
Group plc for the year ended 31 December 2001, which has been approved by the
board on 30 April 2002.
30 April 2002
S. G. WARBURG GROUP plc
Preliminary statement
For the year ended 31 December 2001
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 £44.9m (2000
- £62.6m).
The credit balance on the profit & loss account of £696.9m (2000 - £652.8m) is
to be carried forward.
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 (2000 - £0.8m). The directors do not recommend a dividend on
Ordinary Shares of the Company for the year ended 31 December 2001 (31 December
2000 - £nil).
S. G. Warburg Group plc and Subsidiaries
Consolidated Profit and Loss Account for the year ended 31 December 2001
Year Year
ended ended
31 December 31 December
2001 2000
(unaudited) (audited)
£m £m
Interest receivable 72.1 90.7
Interest payable and similar charges (12.1) (15.6)
Other operating income 0.7 4.4
Depreciation and amortisation (0.1) (0.2)
Administrative expenses (2.1) (2.5)
Profit on ordinary activities before taxation 58.5 76.8
Taxation (1.0) (0.1)
Profit after taxation 57.5 76.7
Minority interests - equity (12.6) (14.1)
Profit after taxation and minority interests 44.9 62.6
Dividends on Preference Shares (0.8) (0.8)
Transfer to reserves 44.1 61.8
Earnings per Ordinary Share (basic and diluted) 19.04p 26.88p
The above consolidated profit and loss account is non-statutory.
Approved by the Board on 30 April 2002
J Ozanne, Director
S Ryan, Director
S. G. Warburg Group plc
S.G. Warburg Group plc
Consolidated Balance Sheet as at 31 December 2001
Year Year
ended ended
31 December 31 December
2001 2000
(unaudited) (audited)
£m £m
Fixed Assets
Tangible Assets 0.1 0.1
Investments 9.7 9.6
9.8 9.7
Current Assets
Cash at bank and in hand 13.8 2.7
Debtors 1,626.1 1,581.5
1,639.9 1,584.2
Creditors
Amounts falling due within one year (97.6) (92.4)
NET CURRENT ASSETS 1,542.3 1,491.8
TOTAL ASSETS LESS CURRENT LIABILITIES 1,552.1 1,501.5
Creditors
Amounts falling due after more than one year (113.0) (132.0)
1,439.1 1,369.5
Capital and Reserves
Share Capital 69.6 69.6
Share Premium Account 291.1 278.2
Capital Redemption Reserve 64.9 64.9
Other Reserves 84.9 84.9
Profit and Loss Account 696.9 652.8
SHAREHOLDER FUNDS 1,207.4 1,150.4
Minority Interests 231.7 219.1
Total capital resources 1,439.1 1,369.5
Analysis of shareholder funds
Equity Interests 1,196.5 1,139.6
Non- Equity Interests 10.9 10.9
1,207.4 1,150.5
S. G. Warburg Group plc
S.G. Warburg Group plc
Consolidated cash flow statement for the year ended 31 December 2001
Year Year
ended ended
31 December 31 December
2001 2000
£m £m
Net outflow from operating activities (Note 1) (1.1) (14.0)
Returns on investments and servicing of finance:
Preference dividend paid (0.8) (0.8)
Conversion of deferred shares 12.9 -
Capital expenditure and financial investment:
Sale of investment - 0.1
Proceeds from Sale of Assets - 3.7
Capital expenditure on tangible fixed assets (0.1) -
Tax received 0.2 -
Increase/(decrease) in cash 11.1 (11.0)
Reconciliation of net cash flow to movement in net cash
Year Year
ended ended
31 December 31 December
2001 2000
£m £m
Increase/(decrease) in cash 11.1 (11.0)
Opening Net Cash 2.7 13.7
Closing Net Cash 13.8 2.7
S. G. Warburg Group plc
S.G. Warburg Group plc
Notes to the Cashflow
1. Reconciliation of profit before tax to net cash outflow from operating
activities
Year Year
ended ended
31 December 31 December
2001 2000
£m £m
Profit before tax 58.5 76.8
Depreciation 0.1 0.2
Revaluation of Investments (0.1) -
Increase in debtors (44.6) (78.8)
Decrease in creditors (15.0) (12.2)
Net cash outflow from operating activities (1.1) (14.0)
S. G. Warburg Group plc
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