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Warburg(S.G.)Group (WSGC)

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Friday 28 September, 2001

Warburg(S.G.)Group

Interim Results

Warburg (S.G.) Group PLC
28 September 2001


                            S.G. Warburg Group plc


                               Interim Statement


                     For the six months ended 30 June 2001


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 30th June 2001.

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 2001 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 2001.

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

27 September 2001




S.G. Warburg Group plc and Subsidiaries

Consolidated Profit and Loss Account for the six months ended 30th June 2001

                                                Six months  Six months      Year
                                                     ended       ended     ended
                                                   30 June     30 June        31
                                                                        December
                                                      2001        2000      2000
                                               (unaudited) (unaudited) (audited)
                                                        £m          £m        £m

Interest receivable                                   39.3        43.6      90.7
Interest payable and similar charges                 (6.6)       (7.4)    (15.6)
Other operating income                                   -           -       4.4
Depreciation and amortisation                        (0.1)       (0.1)     (0.2)
Administrative expenses                              (1.2)       (0.4)     (2.5)
Profit on disposal of investments                        -           -         -

Profit on ordinary activities before taxation         31.4        35.7      76.8

Taxation                                             (0.1)       (0.1)     (0.1)

Profit after taxation                                 31.3        35.6      76.7

Minority interests - equity                          (2.9)       (3.2)    (14.1)

Profit after taxation and minority interests          28.4        32.4      62.6

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

Transfer to reserves                                  28.0        32.0      61.8

Earnings per Ordinary Share (basic and              12.21p      13.93p    26.88p
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 2000. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies.

Approved by the Board on 27 September 2001

J Ozanne, Director


S.G. Warburg Group plc

Consolidated Balance Sheet for the six months ended 30th June 2001

                                                     30 June  30 June        31
                                                                       December
                                                        2001     2000      2000
                                                          £m       £m        £m

Fixed Assets
Tangible Assets                                          0.1      0.2       0.1
Investments                                              9.8     10.5       9.6
                                                         9.9     10.7       9.7

Current Assets
Cash at bank and in hand                                15.1      6.8       2.7
Debtors                                              1,558.1  1,604.3   1,581.5
                                                     1,573.2  1,611.1   1,584.2

Creditors
Amounts falling due within one year                   (68.8)  (161.7)    (92.4)

NET CURRENT ASSETS                                   1,504.4  1,449.4   1,491.8

TOTAL ASSETS LESS CURRENT LIABILITIES                1,514.4  1,460.1   1,501.5

Creditors
Amounts falling due after more than one              (113.9)  (131.3)   (132.0)
year
                                                     1,400.4  1,328.8   1,369.5
Capital and Reserves
Share Capital                                           69.6     69.6      69.6
Share Premium Account                                  278.2    278.2     278.2
Capital Redemption Reserve                              64.9     64.9      64.9
Other Reserves                                          84.9     84.9      84.9
Profit and Loss Account                                680.8    623.0     652.8

SHAREHOLDER FUNDS                                    1,178.4  1,120.6   1,150.4

Minority Interests                                     222.0    208.2     219.1
Total capital resources                              1,400.4  1,328.8   1,369.5

Analysis of shareholder funds
Equity Interests                                     1,167.5  1,109.7   1,139.6
Non-Equity Interests                                    10.9     10.9      10.9
                                                     1,178.4  1,120.6   1,150.5


S.G. Warburg Group plc

Consolidated cash flow statement for the six months ended 30 June 2001

                                      Six months    Six months            Year
                                           ended         ended           ended
                                    30 June 2001  30 June 2000     31 December
                                                                          2000
                                              £m            £m              £m

Net cash inflow/(outflow) from              12.4         (9.4)          (14.0)

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/Sale of investment                (0.2)         (0.8)             0.1
Proceeds from Sale of                                                      3.7
investments
Capital Expenditure                        (0.1)         (0.1)               -
Sale of property & equipment                   -           3.9               -

Tax paid                                     0.7         (0.1)               -

Increase/(Decrease) in cash                 12.4         (6.9)          (11.0)

Reconciliation of net cash flow to movement in net cash

                                      Six months    Six months            Year
                                           ended         ended           ended
                                    30 June 2001  30 June 2000     31 December
                                                                          2000
Increase/(Decrease) in cash                 12.4         (6.9)          (11.0)

Opening Net Cash                             2.7          13.7            13.7

Closing Net Cash                            15.1           6.8             2.7

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          Year
                                            ended           ended         ended
                                     30 June 2001    30 June 2000   31 December
                                                                           2000
                                               £m              £m            £m

Profit before tax                            31.4            35.7          76.8
Depreciation                                  0.1             0.1           0.2
Revaluation of Investments                      -               -             -
Increase/(Decrease) in debtors               23.4         (101.7)        (78.8)
Increase/(Decrease) in                     (42.5)            56.5        (12.2)
creditors

Net cash inflow/(outflow) from               12.4           (9.4)        (14.0)
operating activities


                                                                                
                                                                                
                                                    

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