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Warburg (S.G.) Group (WSGC)

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Friday 23 April, 2004

Warburg (S.G.) Group

Final Results

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)



                      This information is provided by RNS
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