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Warburg (S.G.) Group (WSGC)

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Wednesday 01 May, 2002

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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