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Warburg(S.G.)Group (WSGC)

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Friday 06 October, 2000

Warburg(S.G.)Group

Interim Results

Warburg (S.G.) Group PLC
6 October 2000

                            
UBS AG
100 Liverpool Street
London EC2M 2RH
Tel. +44-(020) 7568 1000

Paul Hare
Company Secretary
Legal & Compliance Europe
Legal Group
100 Liverpool Street
LONDON EC2M 2RH
Tel. +44-(020) 7568 7810
Fax  +44-(020) 7568 7168
[email protected]

www.ubswarburg.com


     

                    Interim Statement
                            
         For the six months ended 30th June 2000


S.G. WARBURG GROUP plc

Interim Statement


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 6 months ended 30th June 2000.

INDEPENDENT REVIEW REPORT TO S.G. WARBURG GROUP plc

Introduction

We have been instructed by the company to review the
financial information set out on pages 3 to 6 and 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 report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors.  The Listing Rules of the
Financial Services Authority 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 a 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 30th June 2000.


Ernst & Young
6th October 2000


                 S.G. WARBURG GROUP plc
                            
 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS
                  ENDED 30TH JUNE 2000
                            
                            
                            
                             Six        Six    Year ended
                           months     months       31
                            ended      ended    December
                           30 June    30 June     1999
                            2000       1999    (unaudited)
                        (unaudited)  (unaudited)    
                            £m         £m         £m
                                                    
Net Interest Income       36.2       32.5      63.8
Other Income              0.0        0.8       8.6
Depreciation and          (0.1)      (0.6)     (1.1)
amortisation
Other operating charges   (0.4)      (1.7)     (3.8)
                                               
                                               
Profit before taxation    35.7       31.0      67.5
                                               
Taxation                  (0.1)      -         (3.9)
                                               
Profit after taxation     35.6       31.0      63.6
                                               
Minority interests -      (3.2)      (2.3)     (11.4)
equity
                                               
Profit after taxation     32.4       28.7      52.2
and minority interests
                                               
Dividends on Preference   (0.4)      (0.4)     (0.8)
Shares
                                               
Transfer to reserves      32.0       28.3      51.4
                                               
Earnings per Ordinary     13.93p     12.32p    22.37p
Share (basic & diluted)
                            
                            
                            
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 1999.  Those
accounts, upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of
Companies.


Approved by the Board on 6th October 2000


J Ozanne, Director


                 S.G. WARBURG GROUP plc
                            
CONSOLIDATED BALANCE SHEET FOR THE SIX MONTHS ENDED 30TH
                        JUNE 2000
                            
                            
                            
                            
                            
                             Six        Six    Six months
                           months     months     ended
                            ended      ended     31st
                          30th June  30th June  December  
                            2000       1999       1999
                                                  
                             £m         £m         £m
                                               
Fixed Assets                                   
                                               
Tangible Assets           0.2        4.6       4.0
Investments               10.5       9.7       9.7
                          10.7       14.3      13.7
                                               
Current Assets                                 
                                               
Cash at bank and in hand  6.8        29.9      13.7
Debtors                   1,604.3    1,453.3   1,502.7
                          1,611.1    1,483.2   1,516.4
                                               
Creditors                                      
Amounts falling due       (161.7)    (121.8)   (56.9)
within one year
                                               
NET CURRENT ASSETS        1,449.4    1,361.4   1,459.5
                                               
TOTAL ASSETS LESS         1,460.1    1,375.7   1,473.2
CURRENT LIABILITIES
                                               
Creditors                                      
Amounts falling due       (131.3)    (114.3)   (179.6)
after more than one year
                                               
                          1,328.8    1,261.4   1,293.6
                                               
Capital and Reserves                           
                                               
Share Capital             69.6       69.6      69.6
Share Premium Account     278.2      278.2     278.2
Capital Redemption        64.9       64.9      64.9
Reserve
Other Reserves            84.9       84.9      84.9
Profit and Loss Account   623.0      568.1     591.0
                                               
SHAREHOLDER FUNDS         1,120.6    1,065.7   1,088.6
                                               
Minority Interests        208.2      195.7     205.0
                                               
Total capital resources   1,328.8    1,261.4   1,293.6
                                               
                                               
Analysis of shareholder                        
funds
                                               
Equity Interests          1,109.7    1,054.8   1,077.7
Non-Equity Interest       10.9       10.9      10.9
                                               
                          1,120.6    1,065.7   1,088.6
                            
                 S.G. WARBURG GROUP plc
                            
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED
                     30TH JUNE 2000
                            
 
                             Six        Six    Year ended
                           months     months      31st
                            ended      ended    December
                          30th June  30th June    1999
                            2000       1999
                             £m         £m         £m
                                               
Net cash                  (9.4)      15.1      16.5
inflow/(outflow) from
operating activities
(Note 1)
                                               
Returns on investments                         
and servicing of
finance:
Preference dividend paid  (0.4)      (0.4)     (0.8)
                                               
Capital expenditure and                        
financial investment:
Purchase of investment    (0.8)      (3.2)     (21.5)
Proceeds from Sale of                           24.5
investments
Capital Expenditure       (0.1)      (0.2)       -
Sale of property &         3.9        -          -
equipment
                                               
Tax paid                  (0.1)      -         (23.6)
                                               
Decrease/Increase in      (6.9)      11.3      (4.9)
cash
                                               



                             Six        Six    Year ended
                           months     months      31st
                            ended      ended    December
                          30th June  30th June    1999
                            2000       1999
                             £m         £m         £m
                                               
Reconciliation of net                          
cash flow to movement in
net cash
                                               
(Decrease)/Increase in    (6.9)      11.3      (4.9)
cash
                                               
Opening Net Cash          13.7       18.6      18.6
                                               
Closing Net Cash          6.8        29.9      13.7
                                               

                 S.G. WARBURG GROUP plc
                            
                  NOTES TO THE CASHFLOW
                            
                            
1)   Reconciliation of profit before tax to net cash
     inflow from operating activities


                            Six months Six months  Six months
                              ended      ended       ended
                            30th June  30th June      31st
                               2000       1999      December
                                                      1999
                                £m         £m          £m
                                                   
Profit before tax           35.7       31.0        67.5
Depreciation                0.1        0.6         1.1
Revaluation of Investments                         (6.2)
Increase/(decrease) in      (101.7)    (1.9)       (51.3)
debtors
Increase/(decrease) in      56.5       (14.6)      5.4
creditors
                                                   
Net cash inflow/(outflow)   (9.4)      15.1        16.5
from operating activities
                                                   

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