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Warburg(S.G.)Group (WSGC)

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Friday 27 April, 2001

Warburg(S.G.)Group

Preliminary Results

Warburg (S.G.) Group PLC
27 April 2001



                               S G WARBURG plc


                            Preliminary statement


                     For the year ended 31 December 2000

Please find enclosed the text of the Annual Financial Statement of SG Warburg
Group plc for the year ended 31 December 2000, which has been approved by the
board on 27 April 2001.


27 April 2001


SG WARBURG GROUP plc

Preliminary statement

For the year ended 31 December 2000


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 £62.6m
(1999- £52.2m).

The credit balance on the profit & loss account of £652.8m (1999- £591.0m) is
to be carried forward.

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 (1999 - £0.8m). The directors do not recommend a dividend on
Ordinary Shares of the Company for the year ended 31 December 2000 (31
December 1999 : £nil).


Independent Review Report to SG 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
preliminary statement and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

Directors' responsibilities

The preliminary statement, including the financial information contained
therein, is the responsibility of, and has been approved by the directors. The
listing of the London Stock Exchange require that the accounting policies and
presentation applied in preparing the preliminary 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 year ended 31
December 2000.


Ernst & Young

27 April 2001

SG Warburg Group plc and Subsidiaries

Consolidated Profit and Loss Account for the year ended 31 December 2000


                                                           Year           Year
                                                          ended          ended
                                                    31 December    31 December
                                                           2000           1999
                                                    (unaudited)      (audited)
                                                             £m             £m
Interest receivable                                        90.7           78.8
Interest payable and similar charges                     (15.6)         (15.0)
Other operating income                                      4.4            8.6
Depreciation and amortisation                             (0.2)          (1.1)
Administrative expenses                                   (2.5)          (3.8)
Profit on disposal of investments                             -              -
Profit on ordinary activities before taxation              76.8           67.5
Taxation                                                  (0.1)          (3.9)
Profit after taxation                                      76.7           63.6
Minority interests - equity                              (14.1)         (11.4)
Profit after taxation and minority interests               62.6           52.2
Dividends on Preference Shares                            (0.8)          (0.8)
Transfer to reserves                                       61.8           51.4
Earnings per Ordinary Share (basic and diluted)          26.88p         22.37p



The above consolidated profit and loss account is non-statutory.

Approved by the Board on 27 April 2001



J Ozanne, Director



S.G. Warburg Group plc

Consolidated Balance Sheet as at 31 December 2000
                                                     Year                  Year
                                                    ended                 ended
                                              31 December           31 December
                                                     2000                  1999
                                               £m                 £m
Fixed Assets
Tangible Assets                                       0.1                   4.0
Investments                                           9.6                   9.7
                                                      9.7                  13.7
Current Assets
Cash at bank and in hand                              2.7                  13.7
Debtors                                           1,581.5               1,502.7
                                                  1,584.2               1,516.4
Creditors
Amounts falling due within one year                (92.4)                (56.9)
NET CURRENT ASSETS                                1,491.8               1,459.5
TOTAL ASSETS LESS CURRENT LIABILITIES             1,501.5               1,473.2
Creditors
Amounts falling due after more than one year      (132.0)               (179.6)
                                                  1,369.5               1,293.6
Capital and Reserves
Share Capital                                        69.6                  69.6
Share Premium Account                               278.2                 278.2
Capital Redemption Reserve                           64.9                  64.9
Other Reserves                                       84.9                  84.9
Profit and Loss Account                             652.8                 591.0
SHAREHOLDER FUNDS                                 1,150.4               1,088.6
Minority Interests                                  219.1                 205.0
Total capital resources                           1,369.5               1,293.6
Analysis of shareholder funds
Equity Interests                                  1,139.6               1,077.7
Non- Equity Interests                                10.9                  10.9
                                                  1,150.5               1,088.6

S.G. Warburg Group plc

Consolidated cash flow statement for the year ended 31 December 2000

Notes

                                                               Year        Year
                                                              ended       ended
                                                                 31          31
                                                           December    December
                                                               2000        1999
Net cash inflow/(outflow) from operating activities          (14.0)        16.5
(Note 1)
Returns on investments and servicing of finance:
Preference dividend paid                                      (0.8)       (0.8)
Capital expenditure and financial investment:
Sale of investment                                              0.1      (21.5)
Proceeds from Sale of Assets                                    3.7        24.5
Capital Expenditure                                               -           -
Sale of property & equipment                                      -           -
Tax paid                                                          -      (23.6)
Decrease/Increase in cash                                    (11.0)       (4.9)
Reconciliation of net cash flow to movement in net cash

                                                               Year        Year
                                                              ended       ended
                                                                 31          31
                                                           December    December
                                                               2000        1999
(Decrease)/increase in cash                                  (11.0)       (4.9)
Opening Net Cash                                               13.7        18.6
Closing Net Cash                                                2.7        13.7




S.G. Warburg Group plc

Notes to the Cashflow


 1. Reconciliation of profit before tax to net cash inflow from operating
    activites


                                                            Year           Year
                                                           ended          ended
                                                     31 December    31 December
                                                            2000           1999
Profit before tax                                           76.8           67.5
Depreciation                                                 0.2            1.1
Revaluation of Investments                                   0.0          (6.2)
Increase/(decrease) in debtors                            (78.8)         (51.3)
Increase/(decrease) in creditors                          (12.2)            5.4
Net cash inflow/(outflow) from operating activities       (14.0)           16.5




                                                                                
                                                                   

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