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Warburg (S.G.) Group (WSGC)

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Wednesday 27 April, 2005

Warburg (S.G.) Group

Preliminary Announcement

Warburg (S.G.) Group PLC
27 April 2005


S.G. WARBURG GROUP plc

Preliminary Statement

For the year ended 31 December 2004


The information contained in this Preliminary Statement, which was approved by
the Board of Directors on 27 April 2005, 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.

27 April 2005



S.G. Warburg Group plc

Preliminary statement

For the year ended 31 December 2004


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 £29.7m (2003
- £13.8m) 
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 (2003 - £0.8m). The dividends on Ordinary Shares of the
Company for the year ended 31 December 2004 amounted to £12.2m (31 December 2003
- £8.3m).

The preliminary announcement is prepared using accounting policies consistent
with the previous year's annual accounts.




S.G. Warburg Group plc and Subsidiaries

Consolidated Profit and Loss Account for the year ended 31 December 2004

                                                                                   Year             Year
                                                                                  ended            ended
                                                                            31 December      31 December
                                                                                   2004             2003
                                                                            (unaudited)        (audited)
                                                                                     £m               £m

Turnover                                                                              -              1.6
Interest receivable                                                                62.2             37.3
Interest payable and similar charges                                             (30.5)           (25.7)
Other operating income                                                              9.9              5.9
Administrative expenses                                                           (0.6)            (2.0)

Profit on ordinary activities before taxation                                      41.0             17.1

Taxation                                                                         (11.3)            (3.3)

Profit after taxation                                                              29.7             13.8

Minority interests - equity                                                       (8.0)            (6.5)

Profit after taxation and minority interests                                       21.7              7.3

Dividends on Preference Shares                                                    (0.8)            (0.8)

Dividends on Ordinary Shares                                                     (12.2)            (8.3)

Transfer to reserves                                                                8.7            (1.8)

Earnings per Ordinary Share (basic and diluted)                                   8.87p            2.74p




Approved by the Board on 27 April 2005

Richard WJ Hardie, Director






S.G. Warburg Group plc and Subsidiaries

Consolidated Balance Sheet as at 31 December 2004

                                                                               Year                 Year
                                                                              ended                ended
                                                                        31 December          31 December
                                                                               2004                 2003
                                                                        (unaudited)            (audited)
                                                                                 £m                   £m

Fixed assets

Tangible assets                                                                   -                  0.1
Investments                                                                     6.4                  0.1
                                                                                6.4                  0.2
Current assets

Cash at bank and in hand                                                        1.0                 15.5
Debtors                                                                     1,688.5              1,608.7
                                                                            1,689.5              1,624.2

Creditors
Amounts falling due within one year                                         (531.5)              (476.7)

Net current assets                                                          1,158.0              1,147.5

Total assets less current liabilities                                       1,164.4              1,147.7

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

                                                                            1,051.4              1,034.7


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                                                       300.0                291.3

Shareholder funds                                                             810.5                801.8

Minority interests                                                            240.9                232.9

Total capital resources                                                     1,051.4               1034.7

Analysis of shareholder funds

Equity interests                                                              799.6                790.9
Non- equity interests                                                          10.9                 10.9

                                                                              810.5                801.8



S.G. Warburg Group plc and Subsidiaries

Consolidated Cash Flow Statement for the year ended 31 December 2004

                                                                                     Year             Year
                                                                                    ended            ended
                                                                              31 December      31 December
                                                                                     2004             2003
                                                                              (unaudited)        (audited)
                                                                                       £m               £m

Net cash (outflow)/inflow from operating activities (Note 1)                       (13.9)             17.6

Returns on investments and servicing of finance:
Preference dividend paid                                                            (0.8)            (0.8)
Receipts from sale of fixed asset investments                                         0.2            14.7
                                                                                                  
Receipts from sale of current asset investments                                         -             1.4

Taxation paid                                                                           -           (20.9)

(Decrease)/Increase in cash                                                        (14.5)             12.0





Reconciliation of net cash flow to movement in net cash

                                                                                     Year             Year
                                                                                    ended            ended
                                                                              31 December      31 December
                                                                                     2004             2003
                                                                                       £m               £m

(Decrease)/increase in cash                                                        (14.5)             12.0
Opening net cash                                                                     15.5              3.5
Closing net cash                                                                      1.0             15.5




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
                                                                               2004                2003
                                                                        (unaudited)           (audited)
                                                                                 £m                  £m

Profit before tax                                                              41.0                17.1
Revaluation of fixed asset                                                    (6.4)                   -
investment
Profit on sale of investments                                                     -               (5.9)
(Increase)/decrease in                                                       (80.0)                62.6
debtors
Increase/(decrease) in creditors                                               31.5              (56.2)

Net cash (outflow)/inflow from operating activities                          (13.9)                17.6





                      This information is provided by RNS
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