Half year report
29 1월 2010 - 7:26PM
UK Regulatory
TIDMSTZ
Half year report
STAVERT ZIGOMALA PLC
INTERIM RESULTS FOR THE HALF YEAR ENDING 30TH NOVEMBER 2009
Chairman's Statement
After the buffeting of the last two years, the Directors are able to report that there has been a
modest increase in Shareholders Funds as compared with the year end of 31st May 2009 for the
period under review. The increase amounted to GBP690,954 or 15.98% as compared with the increases
of 17.57% in the FTSE All Share Index and 17.49% in the FTSE 100 Index though the Directors
believe that there is no directly comparable index.
Dividend income declined during the period under review as compared with the equivalent period in
the previous financial year, resulting in particular from severe reduction, and in some
elimination, of dividends from the UK Banking Sector. Interest receivable also fell sharply
reflecting the level of UK interest rates.
Your Directors have decided to declare an interim dividend for the ordinary stock units of 25p,
the same rate as for commensurate period last year. The deferred stock accordingly will also
receive the same dividend as last year. Although not covered by profit for the relevant period,
the Company has considerable reserves in its P & L Account available for payment of dividends.
Edward N. Cooper
Chairman
Interim Management Report
The important events which have occurred during the first 6 months of the Financial Year, having
an impact on the condensed set of Financial Statements, include a gradual return in confidence to
the UK and World Stock Markets.
The principal risks and uncertainties facing the Company relate to the general performance of the
UK stock market and our inability to dispose of securities in order to comply with the Listing
Rules.
With regard to Related Party Transactions, Note 16 to the Financial Statements for the year ending
30th May 2009 disclosed a loan of GBP52,262 from High Yield Investment Company Limited. It is
confirmed that the loan has been fully repaid and that there have been no other such transactions.
Group Profit and Loss Account (Unaudited)
6 months ended 6 months ended Year ended
30th November 2009 30th November 31st May 2009
2008
GBP GBP GBP
Income from Fixed Assets
Investments 84,712 103,802 162,872
Administrative Expenses 21,230 21,149 43,110
Operating Profit 63,482 82,653 119,762
Profit on Disposal of Investments ----- 5,396 12,734
Interest receivable (net) 2,877 13,843 15,477
Profit on Ordinary Activities before
taxation 66,359 101,892 147,973
Tax on profit on Ordinary Activities ----- (1,565) -----
Profit for the Financial Period 66,359 100,337 147,973
Earnings per Ordinary Stock Unit 22.3p 33.6p 49.5p
Earnings per Deferred Stock Unit 18.1p 27.5p 40.8p
Group Balance Sheet (Unaudited)
FIXED ASSETS GBP GBP GBP
Investments 4,325,687 3,344,493 3,599,181
CURRENT ASSETS
Debtors 3,899 38,268 24,919
Cash at Bank 710,158 846,672 766,250
713,057 884,940 801,169
CREDITORS: Amount
falling due in one year 24,329 45,930 75,889
NET CURRENT ASSETS 688,728 838,990 725,280
TOTAL ASSETS LESS
CURRENT LIABILITIES 5,015,415 4,183,483 4,324,461
CAPITAL AND RESERVES
Called-up share capital 46,000 46,000 46,000
Revaluation reserve 2,837,728 1,937,379 2,213,133
Other reserves 1,552,134 1,543,231 1,552,134
Profit and loss account 579,553 656,873 513,194
SHAREHOLDERS' FUNDS 5,015,415 4,183,483 4,324,461
Group Cash Flow Statement (Unaudited)
GBP GBP GBP
Cash Inflow from operating activities 33,118 72,339 191,428
Returns on investments and servicing of
finance
net interest received 2,887 13,843 15,897
preference dividends paid ------ ------ (350)
Taxation ------ ------ (24,457)
Capital expenditure and financial
investment
Purchase of fixed assets
investments (102,097) (76,138) (80,691)
Disposal of fixed assets
Investments ----- 6,597 26,874
Equity dividends paid ------- ----- (182,412)
Increase (Reduction) in cash (66,102) 16,641 (53,781)
Notes to the accounts
as at 30th November 2009
1 The half yearly Financial Report has not been audited or reviewed by auditors
pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
2. The earnings per Stock Unit have been based on the profits (after taxation) of GBP66,358
apportioned between the 200,000 Ordinary Stock Units and the 120,000 Deferred Stock Units
in issue, in accordance with the provisions of the Company's Articles relating to the
division of profits between the two classes of Stock.
3. The Directors estimate that if all the Company's investments were to be realised at their
bid values at 30th November 2009 the taxation liability which would arise would not exceed
GBP549,000, and for which no provision has been made.
4. A Final Dividend for the year ending 31st May 2009 for the Ordinary and Deferred Stock was
approved at the Annual General Meeting held on 30th November 2009. The total cost to the
Company of the dividend payment amounted to GBP108,000 which in accordance with current
accounting practice has not been provided for in the Accounts.
Statement of Directors Responsibilities
1. The Directors confirm that this condensed set of Financial Statements has been prepared in
accordance with IAS 34 as adopted by the European Union.
2. The condensed set of Financial Statements which have been prepared in accordance with the
applicable set of accounting standards, gives a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company as required by
DTR4.2.4R.
3. The Interim Management Report includes a fair review of the information required by
DTR4.2.7R (indication of important events during the first half year and description of
principal risks and uncertainties for the remaining half of the year).
4. The Interim Management Report includes a fair review from the information required by
DTR4.2.8R (disclosure of related party transactions and changes therein).
5. At the date of this Statement, the Directors are Edward Nigel Cooper and Alicia Christine
Sullivan.
By Order of the Board
Shareholder Information
1. The dividend of 8.75p per share on GBP1 8 3/4% Cumulative Redeemable Preference
Shares, and interim dividends of 25p per Ordinary Stock Unit and 20.34p per Deferred Stock
Unit will be paid on 22nd March 2009 to the relevant holders registered on 26th February
2008 (record date). The ex dividend date is 24th February 2009.
2. This interim report is being to posted to shareholders and copies are available from the
Registrars
Stavert Zigomala Plc - Registered in England No. 194028
Registered Office - PO Box 233 Manchester M60 1QP
Registrars - Hague Lambert Artillery House, 15 Byrom Street, Manchester M3 4PF
Stavert Zigomala
Stavert Zigomala (LSE:STZ)
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Stavert Zigomala (LSE:STZ)
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