Information  X 
Enter a valid email address

Warburg (S.G.) Group (WSGC)

  Print      Mail a friend

Friday 27 September, 2002

Warburg (S.G.) Group

Interim Results

Warburg (S.G.) Group PLC
27 September 2002


                                S. G. WARBURG GROUP plc


                        Interim Statement

                       For the six months ended 30 June 2002



S. G. WARBURG GROUP plc

Interim statement

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 Board does not recommend the payment of an ordinary dividend for the six
months ended

30 June 2002.

The directors consider the state of the company's affairs to be satisfactory.





Independent Review Report to S. G. Warburg Group plc

Introduction
We have been instructed by the company to review the financial information for the six months ended

30 June 2002 which comprises the profit & loss account, balance sheet, cash flow statement and the related note 1.
We have read the other information contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

Directors' responsibilities
The interim statement, including the financial information contained therein, is the responsibility of, and has been
approved by the directors. The directors are responsible for preparing the interim report in accordance with the
listing rules of the Financial Services Authority which require that the accounting policies and presentation
applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.

Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices
Board. A review consists principally of making enquiries of group management and applying analytical procedures to
the financial information and underlying financial data and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such
as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope
than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than
an audit. Accordingly we do not express an audit opinion on the financial information.

Review Conclusion
On the basis of our review we are not aware of any material modifications that should be made to the financial
information as presented for the six months ended 30 June 2002.





Ernst & Young LLP

Rolls House

7 Rolls Buildings

Fetter Lane

London EC4A 1NH

26 September 2002





S. G. Warburg Group plc

S. G. WARBURG GROUP plc

Consolidated Profit and Loss Account for the six months ended 30 June 2002


                                                        Six months            Six months                  Year
                                                             ended                 ended                 ended
                                                           30 June               30 June           31 December
                                                              2002                  2001                  2001
                                                       (unaudited)           (unaudited)             (audited)
                                                                £m                    £m                    £m

Interest receivable                                           28.0                  39.3                  72.1
Interest payable and similar charges                         (5.1)                 (6.6)                (12.1)
Other operating income                                           -                     -                   0.7
Depreciation and amortisation                                    -                 (0.1)                 (0.1)
Administrative expenses                                      (0.7)                 (1.2)                 (2.1)

Profit on ordinary activities before taxation                 22.2                  31.4                  58.5

Taxation                                                     (6.8)                 (0.1)                 (1.0)

Profit after taxation                                         15.4                  31.3                  57.5

Minority interests - equity                                  (1.7)                 (2.9)                (12.6)

Profit after taxation and minority interests                  13.7                  28.4                  44.9

Dividends on Preference Shares                               (0.4)                 (0.4)                 (0.8)

Transfer to reserves                                          13.3                  28.0                  44.1

Earnings per Ordinary Share (basic and diluted)              5.67p                12.21p                19.04p


The above financial information does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. The financial information for
the full preceding year is based on the statutory accounts for the financial
year ended 31 December 2001. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies.





Approved by the Board on 26 September 2002


J Ozanne, Director

                                                S. G. Warburg Group plc


S. G. WARBURG GROUP plc

Consolidated Balance Sheet for the six months ended 30 June 2002

                                                                30 June             30 June         31 December
                                                                   2002                2001                2001
                                                                     £m                  £m                  £m
Fixed Assets
Tangible Assets                                                     0.1                 0.1                 0.1
Investments                                                         9.6                 9.8                 9.7
                                                                    9.7                 9.9                 9.8
Current Assets
Cash at bank and in hand                                            6.5                15.1                13.8
Current asset investments                                           1.3                   -                 1.2
Debtors                                                         1,662.3             1,558.1             1,624.9
                                                                1,670.1             1,573.2             1,639.9
Creditors
Amounts falling due within one year                             (112.8)              (68.8)              (97.6)

NET CURRENT ASSETS                                              1,557.3             1,504.4             1,542.3

TOTAL ASSETS LESS CURRENT LIABILITIES                           1,567.0             1,514.3             1,552.1

Creditors
Amounts falling due after more than one year                    (113.0)             (113.9)             (113.0)
                                                                1,454.0             1,400.4             1,439.1
Capital and Reserves
Share Capital                                                      69.6                69.6                69.6
Share Premium Account                                             291.1               278.2               291.1
Capital Redemption Reserve                                         64.9                64.9                64.9
Other Reserves                                                     84.9                84.9                84.9
Profit and Loss Account                                           710.3               680.8               696.9

SHAREHOLDER FUNDS                                               1,220.8             1,178.4             1,207.4

Minority Interests                                                233.2               222.0               231.7

Total capital resources                                         1,454.0             1,400.4             1,439.1

Analysis of shareholder funds

Equity Interests                                                1,209.9             1,167.5             1,196.5
Non- Equity Interests                                              10.9                10.9                10.9
                                                                1,220.8             1,178.4             1,207.4





S. G. Warburg Group plc

S. G. WARBURG GROUP plc

Consolidated cash flow statement for the six months ended 30 June 2002




                                                                  Six months          Six months                    Year
                                                                       ended               ended                   ended
                                                                30 June 2002        30 June 2001        31 December 2001
                                                                          £m                  £m                      £m

Net (outflow)/inflow from operating activities (Note 1)                (6.9)                12.4                   (2.3)

Returns on investments and servicing of finance:
Preference dividend paid                                               (0.4)               (0.4)                   (0.8)

Conversion of deferred shares                                              -                   -                    12.9

Capital expenditure and financial investment:
Purchase of investment                                                     -               (0.2)                       -
Capital expenditure                                                        -               (0.1)                   (0.1)

Management of liquid resources:
Purchase of investments                                                    -                   -                     1.2

Tax received                                                               -                 0.7                     0.2

(Decrease)/increase in cash                                            (7.3)                12.4                    11.1


Reconciliation of net cash flow to movement in net cash
                                                                  Six months          Six months                    Year
                                                                       ended               ended                   ended
                                                                30 June 2002        30 June 2001        31 December 2001
                                                                          £m                  £m                      £m

(Decrease)/increase in cash                                            (7.3)                12.4                    11.1
Opening Net Cash                                                        13.8                 2.7                     2.7
Closing Net Cash                                                         6.5                15.1                    13.8



                                                       S. G. Warburg Group plc


S. G. WARBURG GROUP plc

Notes to the Cashflow





 1. Reconciliation of profit before tax to net cash (outflow)/inflow from
    operating activities




                                                                  Six months          Six months                    Year
                                                                       ended               ended                   ended
                                                                30 June 2002        30 June 2001        31 December 2001
                                                                          £m                  £m                      £m

Profit before tax                                                       22.2                31.4                    58.5
Depreciation                                                               -                 0.1                     0.1
Revaluation of Fixed Asset Investments                                   0.1                   -                   (0.1)
Revaluation of Current Asset Investments                               (0.1)                   -                       -
(Increase)/decrease in debtors                                        (33.6)                23.4                  (45.8)
Increase/(decrease) in creditors                                         4.5              (42.5)                  (15.0)

Net cash (outflow)/inflow from operating activities                    (6.9)                12.4                   (2.3)


S. G. Warburg Group plc


                      This information is provided by RNS
            The company news service from the London Stock Exchange              LKBEBBV                                                                                                                                                                                                                                                        

a d v e r t i s e m e n t