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Warburg (S.G.) Group (WSGC)

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Friday 26 September, 2003

Warburg (S.G.) Group

Interim Results

Warburg (S.G.) Group PLC
26 September 2003



                       S.G. Warburg Group plc


                       Interim Statement

                       For the six months ended 30 June 2003





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 2003.

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 2003 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 within the financial information.

This report is made solely to the company in accordance with guidance contained
in Bulletin 1994/4, 'Review of interim financial information', issued by the
Auditing Practices Board.  To the fullest extent permitted by the law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.


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.  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 2003.




Ernst & Young LLP
Rolls House
7 Rolls Buildings
Fetter Lane
London  EC4A 1NH
26 September 2003




                                                                 Six months        Six months              Year
                                                                      ended             ended             ended
                                                                    30 June           30 June       31 December
                                                                       2003              2002              2002
                                                                (unaudited)       (unaudited)         (audited)
                                                                         £m                £m                £m

Turnover                                                                1.0                 -               2.7

Interest receivable                                                    18.4              28.0              48.9
Interest payable and similar charges                                 (12.8)             (5.1)            (11.7)
Administrative expenses                                               (1.1)             (0.7)             (3.1)


Profit on ordinary activities before taxation                           5.5              22.2              36.8

Taxation                                                              (1.8)             (6.8)            (12.9)


Profit after taxation                                                   3.7              15.4              23.9


Minority interests  -  equity                                           0.2             (1.7)             (2.9)


Profit after taxation and minority interests                            3.9              13.7              21.0

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


Dividends on Ordinary Shares                                              -                 -           (423.9)


Transfer to reserves                                                    3.5              13.3           (403.7)



Earnings per Ordinary Share (basic and diluted)                       1.51p             5.67p             8.59p



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 2002.  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 2003



P Price, Director




                                                                    30 June           30 June       31 December
                                                                       2003              2002              2002
                                                                         £m                £m                £m

Fixed Assets
Tangible Assets                                                         0.1               0.1               0.1
Investments                                                             9.3               9.6               9.4
                                                                        9.4               9.7               9.5

Current Assets
Cash at bank and in hand                                                2.8               6.5               3.4
Current asset investments                                               1.1               1.3               1.0
Debtors                                                             1,694.2           1,662.3           1,671.2
                                                                    1,698.1           1,670.1           1,675.6

Creditors
Amounts falling due within one year                                 (561.0)           (112.8)           (541.8)

NET CURRENT ASSETS                                                  1,137.1           1,557.3           1,133.8

TOTAL ASSETS LESS CURRENT LIABILITIES                               1,146.5           1,567.0           1,143.3

Creditors
Amounts falling due after more than one year                        (113.0)           (113.0)           (113.0)

                                                                    1,033.5           1,454.0           1,030.3


Capital and Reserves
Share Capital                                                          69.6              69.6              69.6
Share Premium Account                                                 291.1             291.1             291.1
Capital Redemption Reserve                                             64.9              64.9              64.9
Other Reserves                                                         84.9              84.9              84.9
Profit and Loss Account                                               296.8             710.3             293.3

SHAREHOLDER FUNDS                                                     807.3           1,220.8             803.8

Minority Interests                                                    226.2             233.2             226.5

Total capital resources                                             1,033.5           1,454.0           1,030.3


Analysis of shareholder funds
Equity Interests                                                      796.4           1,209.9             782.9
Non- Equity Interests                                                  10.9              10.9              10.9

                                                                      807.3           1,220.8             803.8




                                                                 Six months        Six months              Year
                                                                      ended             ended             ended
                                                                    30 June           30 June       31 December
                                                                       2003              2002              2002
                                                                         £m                £m                £m


Net cash inflow/(outflow) from operating activities (Note 1)            0.1             (6.9)             (9.7)

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

Taxation (paid)/received                                              (0.3)                 -               0.1

Decrease in cash                                                      (0.6)             (7.3)            (10.4)





Reconciliation of net cash flow to movement in net cash


                                                                 Six months        Six months              Year
                                                                      ended             ended             ended
                                                                    30 June           30 June       31 December
                                                                       2003              2002              2002
                                                                         £m                £m                £m

Decrease in cash                                                      (0.6)             (7.3)            (10.4)

Opening net cash                                                        3.4              13.8              13.8


Closing net cash                                                        2.8               6.5               3.4





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


                                                                 Six months        Six months              Year
                                                                      ended             ended             ended
                                                                    30 June           30 June       31 December
                                                                       2003              2002              2002
                                                                         £m                £m                £m

     Profit before tax                                                  5.5              22.2              36.8
     Revaluation of Fixed Asset Investments                             0.1               0.1               0.3
     Revaluation of Current Asset Investments                         (0.1)             (0.1)               0.2
     Increase in debtors                                             (23.0)            (33.6)            (46.4)
     Increase/(decrease) in creditors                                  17.6               4.5             (0.6)


     Net cash inflow/(outflow) from operating activities                0.1             (6.9)             (9.7)






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